According to recent reports, Hong Kong has once again proven that it is the best equipped region to handle the widespread adoption of cryptocurrencies in 2023.Â
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Hong Kong Ranks First Once Again
While the nation with the highest rank is Hong Kong, the United States is reported to have dropped to third position.
Hong Kong, Switzerland, and the United States held their top three rankings in the research that took into account the availability and reach of cryptocurrency through ATMs, businesses, accessibility, and legality.
US Drops to Third Place
The United States dropped to third place after posting a 6.5% decline with respect to its crypto readiness score (CRS), from 7.7 in 2022 to 7.25 in 2023, whereas the Special Administrative Region (SAR) of China reclaimed the number one spot with a CRS of 8.36. On the other hand, the CRS score of Switzerland has risen more than 9%, from 7.5 to 8.18 to reach the second position.
Active Centers for Crypto Businesses
Notably, the most active centers for cryptocurrency and blockchain businesses are in Switzerland, Singapore, and Estonia. Taxes are one of the main factors that can influence whether or not broad crypto adoption occurs.
There are 12 nations, including Germany, Panama, and Portugal among others, that do not tax cryptocurrency for private use. These nations are in a good position to advance in the next few years.
Hong Kong is a Clear Winner
Hong Kong has been seeing a large influx of new startups as a result of the city’s decision to focus on growing its digital asset industry. The SAR is currently making moves to embrace a stringent regulatory stance in an effort to preserve a secure and stable financial sector.
As reported by TheCoinRise, the Hong Kong Securities and Futures Commission (SFC) announced on May 23 that it will let licensed platforms cater to regular investors. The regulator stated that proprietors of virtual asset trading platforms who were willing to follow the specified rules might apply for a license.Â
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