Hong Kong was crowned the best-prepared jurisdiction for widespread cryptocurrency adoption in 2023, retaining its crypto-readiness prowess for the second year in a row.
A study factoring in the existence and reach of crypto — via ATMs, businesses, accessibility and legality — revealed stiff competition among the 2022 leaders as Hong Kong, the United States and Switzerland held on to the top three positions.
While Hong Kong grabbed the top spot with a crypto readiness score (CRS) of 8.36, the United States fell down a spot to third place after recording a fall of 6.5% in its CRS score — from 7.7 in 2022 to 7.25 in 2023. On the contrary, Switzerland’s CRS score jumped over 9% — from 7.5 to 8.18 — to rank 2nd worldwide.
As previously explained by Cointelegraph, factors such as crypto ATM installations, pro-crypto regulations, startup culture and a fair tax regime contribute to a country’s CRS. Slovenia, Canada and Australia managed to squeeze into the top 10 in 2023, as shown below.
When it comes to the masses, the Dutch showed the most interest in crypto per person. The United States is home to the largest network of Bitcoin (BTC) ATMs, however, Hong Kong has the most crypto ATMs per square foot given its significantly smaller land mass.
Estonia, Singapore and Switzerland are among the busiest hubs for crypto and blockchain companies. One of the primary drivers that can make or break mass crypto adoption is taxes. There are 12 countries that impose a 0% tax on crypto for individuals — including Germany, Panama, and Portugal among others — who remain well-positioned to climb up the ranks in the coming years.
In the US, New York became the most crypto-ready US state after recording CRS of 9.80 owing to numerous crypto-related legislation and a huge number of crypto and blockchain businesses in operation.
India leads the global crypto adoption in 2023, a recent Chainalysis report revealed. Other lower middle-income (LMI) nations, including Nigeria and Thailand, bagged the second and third spot in the report.
In addition to leading grassroots adoption, India has also become the second-largest crypto market by raw estimated transaction volume globally, ahead of other major economies.