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- 1 While nations are bracing for crypto regulations, the usage of digital assets is already ramping up.
- 2 A few nations have stood apart in their crypto-friendliness. With conducive policies and infrastructure, they have let this technology flourish.
The world is way beyond the time when people called cryptocurrency just a buzz. All the world’s major countries are preparing to regulate this next-gen fintech solution. While the world is still waiting to see that happen, crypto is already making its way into our businesses and lifestyle. A large number of people have started to trade in crypto assets. Organizations and governments are adapting blockchain into their projects.
Amidst this ongoing marathon to embrace crypto, a few countries have emerged as torch-bearers of this technology. They have proactively acknowledged the true potential of this blockchain and let their citizens dabble with it in many other ways. Many citizens of these countries have become avid traders and supporters of digital assets.
Countries That Welcomed Crypto with Open Arms
These nations became the frontrunner in the crypto revolution by letting trade flourish without any restrictions. They are:
United States
The most powerful country on Earth boasts having Bitcoins worth USD 502, 382, 875. The United States hasn’t regulated the cryptocurrency yet. Still, it has given the liberty to its citizens to buy and sell cryptos. Moreover, it’s home to exchanges like Kraken and Coinbase.
Japan
With a total trading volume of US$ 340,317,048, Japan is the most welcoming nation to crypto. Also, Satoshi Nakamoto, the inventor of Bitcoin is supposedly from Japan. Though there is no solid evidence for that, it’s a popular belief. The trading intensity is also increasing in the country as the technology is growing on the young generation of the country.
South Korea
In the past few years, the number of crypto investors has ballooned in the country. A survey report revealed that around 49% of the working-class people of the SK have invested in cryptos. The number shows how keen are people over there to accept this technology.
Hong Kong
The government of Hong Kong has shown a pro-crypto disposition in many ways. It let the crypto-based startups flourish, introduced supportive policies, and also rolled out ATMs for digital assets. Research done by Forex suggests that the nation is most equipped to adapt to crypto. It scored 8.8 in crypto-readiness and has a better infrastructure for blockchain adaption.
Singapore
Singapore’s government has been quite vocal in its support of cryptocurrency. The Monetary Authority of Singapore (MAS) has been educating the citizens of the country on the effects of a token-based economy. They have been preparing their citizens to get ready for using blockchain in their day-to-day life. Furthermore, KPMG predicts that the crypto investment is going to get higher every year in Singapore.
Conclusion
Clearly, these countries set a precedent for the rest of the world. They showed how cryptocurrency can benefit their economies in different ways. Also, they let their people experience the true power of new blockchain-based solutions. They allowed the exchanges to introduce DeFi, dApps, and many other cutting-edge services. These countries certainly let the whole world see the real potential of cryptocurrencies.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
