Hong Kong again topped the Crypto Readiness Report for 2023 with a Crypto Readiness Score (CRS) of 8.36. This rating has been led by Hong Kong for two years.
The report, which evaluated several factors, including cryptocurrency infrastructure, accessibility, and legal support, disclosed that Hong Kong faced formidable competition from other leading nations.
Switzerland notably advanced to the second position, achieving a CRS of 8.18, while the United States descended to third place, registering a 6.5% decline from the previous year, with a CRS of 7.25.
This year’s rankings also introduced five new entrants into the top 10, such as Slovenia and Canada, which secured fourth and sixth positions, respectively.
Australia ascended eight places to secure seventh place, while Germany and Bulgaria tied for eighth place.
It is worth highlighting that Switzerland’s ascent to the second position since 2022 underscores its growing reputation as a prominent cryptocurrency hub.
The report emphasized that residents of the Netherlands and Singapore exhibited the most significant interest in cryptocurrencies, while Estonia, Singapore, and Switzerland boasted the highest number of cryptocurrency companies.
Hong Kong’s leading position in the cryptocurrency readiness rankings can be attributed to its extensive history as a center for trade and commerce, which has now extended into the cryptocurrency sector.
Crypto traders in Hong Kong enjoy the advantages of a 0% tax rate, a substantial presence of cryptocurrency ATMs, and a thriving blockchain and cryptocurrency industry.
Meanwhile, the United States, a global economic powerhouse and technology center, continues to play a crucial role in cryptocurrency, with a substantial number of cryptocurrency ATMs spread nationwide.
