Hong Kong, UAE Among Most Crypto Ready Nations: Forex Proposal by CoinQuora

Hong Kong, UAE Among Most Crypto Ready Nations: Forex Suggest
  • Hong Kong is the most crypto-ready country, while the United Arab Emirates ranks 4th.
  • The island nation also ranks third among countries with the most crypto ATMs per 100,000 people.
  • The US and Switzerland follow Hong Kong in second and third place.

Hong Kong and the United Arab Emirates (UAE) are among the countries most poised for cryptocurrency adoption, a study by Forex Suggest shows.

Based on the study, Hong Kong and the United Arab Emirates rank first and fourth in the top 19 most cryptocurrency-ready countries, with crypto readiness scores of 8.6 and 6.2, respectively.

Forex Suggest considered four main criteria in its study – the number of cryptocurrency ATMs, the number of blockchain startups, cryptocurrency taxation and legislation, and high interest in digital assets.

The Most Crypto Ready Countries (Source: Forex Suggest)

As the top-ranked nation by Forex Suggest in the study, Hong Kong ranks third among the countries with the most cryptocurrency ATMs per 100,000 people. With two ATMs per 100,000 people, for a total of 149, Fragrant Harbor is Asia’s crypto ATM capital.

Additionally, the study finds Hong Kong at the top of the lowest cryptocurrency taxes, along with Switzerland, Panama, Portugal, Germany, Malaysia and Turkey. Specifically, cryptocurrencies are considered virtual commodities and not currency in Hong Kong, making these digital assets exempt from capital gains tax.

In terms of blockchain startups, the island nation has three in 100,000. Hong Kong’s status as an Asian financial hub has facilitated the development of blockchain technologies like the stablecoin.

Meanwhile, the UAE shares fourth place with three other nations, including Georgia, Romania and Croatia.

The Middle Eastern country also ranks third among the countries with the most blockchain startups, registering two per 100,000 people. “The UAE has some of the most forward-thinking entrepreneurs when it comes to FinTech,” the study said.

Earlier this year, the UAE announced that it aims to become a global crypto hub with its aggressive push to explore digital assets and related technologies such as NFTs and the Metaverse.

More on the study: The United States follows Hong Kong in second place with a score of 7.7, while Switzerland is in third place with a crypto readiness score of just under 7.5.

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