Hong Kong is the most crypto-ready jurisdiction in the world, based on the number of blockchain startups per 100,000 people and the number of crypto ATMs proportional to the population, according to a new study by foreign exchange education platform Forex Suggest.
See related article: Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 1
- Investors find Hong Kong appealing as it does not tax capital gains on crypto, the study said.
- The U.S. and Switzerland are the second and third most crypto-ready countries in the world, according to the study.
- Hong Kong has been welcoming investments from digital assets companies and has set out new rules for the industry which will come into effect from June 1 as the city aims to become a global hub for digital assets. It will allow licensed cryptocurrency trading platforms to offer services to retail investors while implementing measures to protect individual traders.
- Among countries with the maximum blockchain start-ups, Hong Kong has three blockchain startups per 100,000 people, which puts it in the second spot on that list. Switzerland tops the list with maximum blockchain startups, 12.9 per 100,000 residents or 1,128 in total, the report said.
- Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia and Turkey have the lowest crypto taxes since profits made from cryptocurrency trading are exempt from capital gains taxes for individuals, the report said.
- Hong Kong, due to its smaller land area, has two crypto ATMs per 100,000 people, or 149 in total, putting it in the third spot among countries with the most crypto ATMs per 100,000 people. While the U.S. is in the top spot with the maximum number of crypto ATMs — at nearly 34,000 — the U.S. has 10.1 crypto ATMs per 100,000 people, the report said.
- However, regulators in the U.S. have escalated their efforts to clamp down on cryptocurrency exchanges, prompting the industry to advocate for clearer regulations. In response, numerous exchanges are exploring friendlier jurisdictions.
- Forex Suggest said the report is based on data gathered on a number of factors including taxes and legislation, startups using blockchain technology and interest surrounding cryptocurrencies. It gave each jurisdiction a normalized score out of 10 on each of the factors, and took an average across these scores for an overall score out of 10.
See related article: Hong Kong’s new crypto rules covered by China state TV in rare move from Beijing
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- Source: https://forkast.news/headlines/hong-kong-most-crypto-ready-new-study/
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