According to Cointelegraph, Hong Kong has maintained its position as the best-prepared jurisdiction for widespread cryptocurrency adoption in 2023, marking the second consecutive year it has held this title. A study examining factors such as the existence and reach of crypto through ATMs, businesses, accessibility, and legality revealed that Hong Kong, the United States, and Switzerland retained the top three positions in 2022.
Hong Kong secured the top spot with a crypto readiness score (CRS) of 8.36, while the United States dropped to third place after experiencing a 6.5% decline in its CRS score, from 7.7 in 2022 to 7.25 in 2023. In contrast, Switzerland's CRS score increased by over 9%, from 7.5 to 8.18, earning it the second-highest ranking worldwide.
Factors contributing to a country's CRS include crypto ATM installations, pro-crypto regulations, startup culture, and a fair tax regime. Slovenia, Canada, and Australia also managed to enter the top 10 in 2023. The Dutch demonstrated the most interest in crypto per person, and while the United States has the largest network of Bitcoin ATMs, Hong Kong has the most crypto ATMs per square foot due to its smaller land mass. Estonia, Singapore, and Switzerland are among the busiest hubs for crypto and blockchain companies. Taxation is a primary driver that can influence mass crypto adoption, with 12 countries imposing a 0% tax on crypto for individuals, including Germany, Panama, and Portugal.
