Hong Kong tops the ranking of countries in terms of readiness to implement digital assets for the second year in a row

Switzerland has overtaken the US in terms of cryptocurrency adoption, according to Forex Suggest analysts. The company’s report for this year showed that Hong Kong took the top spot for the second year in a row, with Switzerland coming in second and the US dropping to third.

The report identifies the best countries for cryptocurrency brokers, traders and enthusiasts. When compiling the ranking, analysts took into account various relevant factors – from the number of crypto machines and businesses in the industry to internet searches, tax requirements and the legal status of cryptocurrencies.

This year, five new countries entered the top 10. Slovenia joined Georgia in fourth place, while Canada ranked sixth this year, up 11 spots from 17th place. Australia moved up eight spots to seventh place. Germany ranked eighth and Bulgaria joined Panama in ninth place.

Last year, four countries ranked fourth: Croatia, Georgia, Romania and the United Arab Emirates. Of these, only Georgia remained in fourth place, while the others dropped out of the top 10.

Several other countries failed to return to the top 10 this year. Among them are the Czech Republic, Greece, Slovakia and Ireland. The latter dropped 40 places to 48th position.

The Netherlands saw the most searches about cryptocurrencies over the past year, with 2,524 per 100,000 people. Estonia is the country with the highest number of blockchain startups per capita, it reaches 18.4 per 100 thousand inhabitants.

The United States has the highest number of cryptocurrency ATMs in the world – 9.2 per 100 thousand people. But Hong Kong has the most cryptomats by geography – 139.9 per 1 thousand square kilometers.

Zero tax rate on cryptocurrencies, according to the report, is applied in 12 countries. They are Costa Rica, UAE, Georgia, Switzerland, Germany, Slovenia, Hong Kong, Singapore, Luxembourg, Portugal, Malaysia and Panama. But there are some differences between the rules set by the countries on this list. Singapore, for example, generally does not tax individuals’ profits from crypto trading unless they are considered professional traders and receive cryptocurrency as payment for goods or services.

By Linda

Leave a Reply

Your email address will not be published. Required fields are marked *