Cointelegraph | Arijit Sarkar | Jul 26, 2022
Factors considered to calculate a country’s readiness were the number of crypto ATMs proportional to the population and geographical size and the number of blockchain startups per 100,00 people.
While public acceptance remains key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people.
Factors such as crypto ATM installations, pro-crypto regulations, startup culture and a fair tax regime signal a country’s readiness to adopt cryptocurrencies. Considering these factors, a Forex Suggest study revealed Hong Kong’s position as the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6. Despite having a bigger crypto infrastructure than the island nation, the United States and Switzerland made it to the top three with lower crypto-readiness scores of 7.7 and 7.5, respectively, as shown below.
The biggest factors considered in the study to calculate a country’s readiness were the number of crypto ATM installations proportional to the population and geographical size of the jurisdiction and the number of blockchain startups per 100,00 people. As a result, Hong Kong’s smaller land mass helped the country top the list.
CoinATMRadar data shows that the U.S. houses 88% of the global crypto ATM installations. On the contrary, Hong Kong installed a network of 146 crypto ATMs, representing just 0.4% of crypto ATMs worldwide. Owing to the smaller area, Hong Kong residents are never more than 4.3 miles (7 kilometers) away from a crypto ATM.