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- 1 Crypto Readiness Report evaluates the compatibility of countries worldwide for cryptocurrencies and blockchain tech.
- 2 Hong Kong tops the list again this year as it did last time, while the U.S. still stands behind, with the CRS score dipping 6.5%.
The latest update of the Crypto Readiness Report was released recently. The position of several countries in the list was not surprising but some of them were on an astonishing front. Hong Kong, for instance, kept the top position in terms of a crypto-ready environment country, while the United States moved down rather than moving up.
Forex Suggest brought the Worldwide Crypto Readiness Report for 2023 which noted Hong Kong at the top of the list with a crypto readiness score (CRS) of 8.36. The Asian country continued to take the spot for the second consecutive year. Switzerland jumped over the second spot with a CRS score of 8.18, marking a 9% increase from the previous year’s 7.5.
Surprisingly, the United States saw a decline in CRS scores from 7.7 in 2022 to 7.25 this year. The increased enforcement actions against crypto and crypto entities in the country are no hidden fact. Perhaps this also led to a fall of 6.5% in the CRS score.
The report considers installed cryptocurrency ATMs in the region if the regulations are favoring crypto assets, crypto-startup-friendly culture, and fair taxation over digital assets, before deciding the CRS score for any country.
Within the top ten positions in the list, there were Canada, Australia, and Slovenia-like countries which made to the list.
Countries With Specific Advantages for Crypto
In terms of high interest among people for crypto per person, the Netherlands tops the list. The United States is at the top when it comes to most Bitcoin ATMs in the world. Yet the ATMs in the country with the highest CRS score, Hong Kong, experience the most footfalls considering the relatively insignificant area.
Apart from crypto, many countries are suitable for blockchain development and infrastructure. This includes Estonia, Singapore, and Switzerland; countries that are considered busy hubs regarding crypto assets and blockchain companies.
Taxation over crypto assets has become one of the crucial issues amid the discussion around cryptocurrencies. It acts as one of the factors that can set the course of crypto adoption in any country.
Germany, Panama, Portugal, and others are included in the list of 12 countries with 0% tax on cryptocurrencies. This implies that individual owners of cryptocurrencies in these regions pay no taxes on their crypto holdings. Given this edge against other tax-imposing countries, the aforementioned countries hold more chances to take the leading position in the CRS score list in the future.
Earlier Chainalysis report has also found crucial insights about crypto industry development across countries. It revealed India as the leading country for global crypto adoption this year.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
