The readiness of a country was determined by the number and proportionality of crypto ATMs to its population and geographic size, and the number and percentage of blockchain startups per 100,000 people.
Public acceptance is still key to crypto’s existence. However, governments must establish a support infrastructure to match the needs of the technology.
A country’s readiness for cryptocurrency adoption is determined by factors such as crypto ATM installation, pro-crypto regulations and startup culture. A Forex Suggest study found that Hong Kong was the most prepared country for widespread adoption of cryptocurrency, scoring 8.6. The United States and Switzerland have higher crypto-readiness scores than the island nation.
In order to determine a country’s readiness, the largest factors were the number and geographic size of crypto ATM installations and the number and percentage of blockchain startups per 100,000 people. Hong Kong’s small land mass was a major factor in Hong Kong’s ranking.
CoinATMRadar data indicates that 88% of global crypto ATM installations are located in the United States. Hong Kong, however, installed only 0.4% of all crypto ATMs worldwide. Because Hong Kong is a smaller region, residents can reach a crypto ATM within 4.3 miles (7 km) of their home.
The U.S., on the other hand has crypto ATMs installed every 168.3 mi (271 km).
The biggest barrier to mainstream adoption of crypto is crypto taxes. The top five countries with the lowest crypto capital gains taxes are Hong Kong, Turkey, Panama, Portugal and Panama.
Investor sentiment is a key factor in a country’s efforts at growing its crypto infrastructure. Investors from large economies such as Australia, Ireland, and the United Kingdom show the greatest interest in cryptocurrency, which signals healthy pro-crypto competition throughout the world.