Hong Kong Ranks as the Most Crypto-Ready Nation in 2022 (Survey)

With a score of 8.6 points out of 10, the special administrative region of China – Hong Kong – was crowned as the most crypto-ready country globally. The second position belongs to the previous leader – the United States of America, while Switzerland is third.

Changes at the Top

The latest worldwide crypto readiness report explored the number of blockchain startups in each country, the digital asset legislations and taxation rules, the number of ATMs, and the interest in the industry per capita. As a result, it determined that Hong Kong is currently the most crypto-ready nation.

The local government is quite open to the sector and does not impose taxes on investors and businesses that generate profits from trading digital currencies. Thanks to its small area, the density of crypto ATMs is among the highest, as there are two machines for every 100,000 people. Overall, the state amassed a result of 8.6 points out of 10.

The world’s leading economy and previous leader in that race – the USA – collected 7.7 points. The country has over 33,000 crypto ATMs, meaning there are ten devices per 100,000 people.

Switzerland followed with a result of 7.5 points. The nation, renowned as one of Europe’s financial hubs, does not tax crypto gains and is home to numerous blockchain startups. It is also worth mentioning that earlier this year, the authorities of the Southern Swiss city Lugano displayed intentions to introduce Bitcoin (BTC), Tether (USDT), and LVGA Points token as legal tender.

The remaining countries part of the top 10 include Georgia, the UAE, Romania, Croatia, Ireland, and the Czech Republic. The tenth place is shared between Slovakia, Greece, Panama, and Bulgaria.

The research also touched upon the interest that different nations show toward the digital asset sector. Australia ranked first here since 4,579 people out of 100,000 have searched “cryptocurrency” on Google. Ireland is second with 3,472 searches, while the UK is third with 3,409.

Some Previous Leaders Have Gone Missing

One of the most surprising changes compared to the same study conducted in 2021 is the absence of Cyprus. Last year, the island nation ranked as the second-most crypto-ready country, while its residents were the most interested in the sector worldwide. This year, though, it is not even in the top 20.

Singapore, the United Kingdom, and Slovenia, which were respectively third, fifth, and seventh in 2021, have also dropped out from the leaderboard.

The total change of the trend could serve as an example that the interest in the evolving digital asset universe is constantly shifting and is mainly prompted by recent events and domestic regulations.