Bitrabo Editorial
Crypto readiness is crucial in assessing a jurisdiction’s potential as a digital asset hub, and Hong Kong has emerged as a top contender.
A new study shows that Hong Kong is the most crypto-ready jurisdiction globally, thanks to its welcoming stance towards digital assets and proactive approach to regulatory frameworks. Additionally, the city’s favorable tax policies make it an attractive location for individuals and businesses looking to maximize their returns from cryptocurrency investments.
Hong Kong’s vibrant blockchain startup ecosystem is also noteworthy, with three blockchain startups per 100,000 people, making it the second-highest in terms of density.
Crypto Friendly Taxation, Blockchain Startup Density Elevate Hong Kong’s Appeal
Unlike other jurisdictions, Hong Kong doesn’t impose capital gains tax on cryptocurrencies, making it an alluring location for those seeking higher returns from their cryptocurrency investments.
The city’s blockchain startup ecosystem is thriving, with three startups per 100,000 people, making it the second-highest in terms of density.
Disparity in Global Crypto ATMs and Changing Regulatory Landscape
The United States holds the highest number of crypto ATMs in the world. However, this counts for little when looking at the population-adjusted density of crypto ATMs. In this regard, Hong Kong has a higher concentration of crypto ATMs per capita.
Moreover, regulatory authorities in the US are cracking down on bitcoin exchanges, prompting several exchanges to explore jurisdictions with more favorable regulatory frameworks.
Overall, the report indicates that Hong Kong is the undisputed leader in the global crypto market, followed by the United States and Switzerland.
Sources: Forex Suggest, Klook