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Hong Kong, the United States, and Switzerland are best poised to adopt cryptocurrency

Hong Kong, the United States, and Switzerland are best poised to adopt cryptocurrency

Forex Suggest has one study Conducted to find out which countries have the best conditions for crypto adoption. Factors considered include the number of crypto ATMs, tax rates on crypto assets, and the number of blockchain startups. CryptoMonday summarizes the results of the study.

Hong Kong is the best place for crypto

Hong Kong SAR is a very crypto-savvy region, with a large number of blockchain startups and crypto ATMs relative to its population. Capital gains on cryptocurrencies are not taxed here.

The US has ten times more crypto ATMs than its closest competitor, at 3.6 per 100,000 people.

Switzerland’s financial center has the second highest number of blockchain startups and the highest number of crypto ATMs per 100,000 residents. Again, cryptocurrencies have no capital gains tax.

There are more crypto ATMs in the US

In addition to the US leading the space with nearly 35,000 crypto ATMs, North America is also the top country in terms of share of crypto ATMs per capita.

Canada trails its southern neighbor with around 2,500 crypto ATMs. On the other hand, there are only 149 crypto ATMs in total in Hong Kong.

These countries do not impose crypto tax

Hong Kong, Switzerland, Germany, Malaysia, Panama, Portugal and Turkey exempt profits from crypto trading from capital gains tax. Hong Kong treats crypto as a virtual asset, not a currency. Since cryptocurrencies are considered private assets, Switzerland does not impose capital gains tax. Portugal doesn’t tax crypto profits, and neither does Panama.

While cryptocurrencies are a regular source of income, the Malaysian government imposes income tax. Otherwise, ownership is tax-exempt for private investors. The situation is the same in Turkey. The Turkish government does not regulate ownership of cryptocurrencies, but companies that trade cryptocurrencies are subject to a 20% corporate tax.

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Germany has some laws for retail investors, but if cryptocurrencies are held for more than a year, there is no capital gains tax.

In Indonesia, retail investors are taxed at 0.1%. The country introduced the tax in May this year. It collects VAT on crypto transactions.

Switzerland has the most blockchain startups

With about 13 blockchain startups per 100,000 citizens, Switzerland ranks first in this subcategory. 14 of these startups are considered “unicorns” — those valued at more than $1 billion.

In second place is Hong Kong, with three startups per 100,000 people. The city was instrumental in the development of Tether and other well-known blockchains and technologies.