The
cryptocurrency landscape has been constantly evolving, and nations around the
world are adopting various stances on its adoption. Which country is, however,
the most ‘ready’ for full adoption of digital assets? According to the latest
report by Forex Suggest, Hong Kong takes the top spot for being the most
prepared for cryptocurrency adoption, followed closely by Switzerland and the
United States in third place.
The study
by Forex Suggest includes all countries in the OECD, G20, and European Union
where data is available, aiming to identify which nations are most prepared for
the adoption of digital assets.
Hong Kong
continues to lead the pack with a crypto readiness score of 8.36. The tax-free
nature of crypto trading in this semi-autonomous region and the high number of
crypto ATMs contribute to its top rank. The special administrative region also
benefited from opening up to retail traders in June, further bolstering its top
position in the rankings for crypto readiness.
„We’ve
considered various relevant factors, from the number of businesses in the
industry to public interest and the legal standing of crypto,” the report’s
authors commented.
Switzerland
follows closely behind with a score of 8.18. The country’s longstanding
reputation as a financial center and a high number of crypto businesses make it
a strong contender. The United States ranks third with a score of 7.25,
maintaining its position due to a high rate of crypto ATMs and overall
technological prowess.
Source: ForexSuggest
New
Entrants and Shake-ups in the Top 10
While the
top three have remained the same since 2022, there have been notable shifts in
the rankings below them. Slovenia and Canada have joined the top 10, along with
Australia, Germany, and Bulgaria. These countries have shown rapid growth in
their crypto ecosystems, rising several ranks within a year. In contrast,
countries like Ireland and the Czech Republic have seen significant drops in
their rankings.
“Last year,
four countries were tied for fourth place, including Croatia, Georgia, Romania
and the United Arab Emirates. Of these, only Georgia remains in fourth, with
the rest falling out of the top 10 entirely,” We read further in the report.
Source: ForexSuggest
Five other
countries failed to return to the top 10 this year, with Ireland notably
dropping 40 places to rank 48th. Meanwhile, the Czech Republic, Greece, and
Slovakia also failed to move up in the rankings.
