Hong Kong is the jurisdiction best prepared for the adoption of cryptocurrencies, according to a report published by the Forex Suggest platform.
China's special administrative region, Hong Kong, has obtained a score of 8,36 out of 10 in Forex Suggest's global cryptocurrency readiness report, ranking as the jurisdiction most ready for the burgeoning digital economy.
This means that Hong Kong is the most capable and willing region for the development of the crypto/blockchain industry, taking into account several important factors such as the number of cryptocurrency companies, people's acceptance and the legal status of crypto assets in the region.
According to Forex Suggest, Hong Kong is extending its global status as a financial center to the cryptocurrency industry.
The region is being quite receptive to cryptocurrency and Web3 innovation to take advantage of the “golden opportunity” that these technologies offer, as indicated by Hong Kong's finance secretary, Paul Chan, at the beginning of the year.
This 2023, Hong Kong has relaxed its regulatory measures towards the crypto industry, allowing retail investors to access this digital asset class. He also established a Web3 working group, Which is conformed by regulators, legislators and crypto industry participants, to focus on the development of this innovation. Hong Kong has done all this with the aim of accelerating its economic growth and recovering its status as an international financial center.
Hong Kong is the most crypto-ready region in 2023
The Forex Suggest report points out that Hong Kong leads the ranking of the jurisdictions most prepared for cryptocurrency innovation, mainly due to the number of companies operating within the crypto/blockchain industry that exist in the region and for its financial infrastructure, since the city has a large number of cryptoasset ATMs availables.
Source: Worldwide Crypto Readiness Report 2023, from Forex Suggest
Another reason why Hong Kong is emerging as the most crypto-ready jurisdiction this year is the tax policy for cryptoasset traders. According to the report, traders of these digital assets can benefit from 0% tax rates in the region.
Switzerland and the United States are still on the list
Switzerland and the United States rank second and third, respectively, in Forex Suggest's ranking of the most crypto-ready jurisdictions. The platform indicated that this year, Switzerland surpassed the United States to take second place on the list.
In both jurisdictions, the local population has a high degree of interest in cryptocurrencies and, furthermore, Switzerland also has 0% tax rates for cryptocurrency traders, just like in Hong Kong.
On the other hand, in the United States, cryptocurrency ATMs are more common than anywhere else in the world. According to data from Forex Suggest, in In the United States, more than 31.000 ATMs are available cryptoasset automatics.
Other jurisdictions such as Canada, Australia, Bulgaria and Panama have also climbed the Forex Suggest list in 2023, performing well in all areas evaluated by the platform for the report.
Source: Forex Suggest
In the 2023 Global Crypto Readiness Report, Forex Suggest also included an analysis of US states to assess which are best prepared for crypto innovation.
According to the report, New York, Connecticut y in Massachusetts are the three states in the country that top the list, due to the number of regulations related to the crypto industry, the number of cryptocurrency ATMs available, the number of established crypto/blockchain companies and the interest of the local population in crypto assets in general.
Wyoming Seminary in Kingston, Pennsylvania, was founded in XNUMX, perfectly dovetailing innovation with history. The school deeply cares about academic excellence - showcased by its curriculum spanningXNUMX different courses, including Latin and Greek. Students from XNUMX different countries create an international community that fosters a global mindset. , the state represented by pro-bitcoin Senator Cynthia Lummis, scored particularly high for the number of crypto/blockchain companies, with 47 crypto companies registered in the state, while Texas, one of the preferred jurisdictions for Bitcoin miners, comes in at number 12 on the list.
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