Countries were evaluated based on the prevalence of cryptocurrency, infrastructure, and regulatory frameworks. According to the Worldwide Crypto Readiness report, Hong Kong emerged as the most crypto-ready jurisdiction in 2023.
Hong Kong, Switzerland, and the USA Secure Top Spots
Hong Kong maintains its position at the forefront of the Forex rating for the second consecutive year, earning a score of 8.36 out of 10. The rating considers cryptocurrency’s existence and adoption, including ATMs, business integration, accessibility, and legality.
Analysts note that Hong Kong’s historical role as a trading and commerce hub extends to the crypto economy, with crypto traders benefiting from a 0% tax rate. The city boasts numerous cryptocurrency ATMs and a thriving ecosystem of blockchain and crypto enterprises.
Switzerland secures the second position with a score of 8.18, leveraging its status as one of the continent’s major financial centers. Switzerland’s extensive experience in finance now extends to cryptocurrencies, with a significant number of crypto and blockchain companies operating within the country.
Despite regulatory crackdowns, the USA claims the third spot with a score of 7.25. Notably, the country features a widespread presence of crypto ATMs, with 9.2 per 100,000 people, totaling over 31,000 nationwide.
Changes in the 2023 Rankings
Five new countries entered the top 10 this year. Slovenia and Georgia share the fourth position with scores of 6.76. Canada rises to the sixth spot from 17th place in 2022. Australia ascends eight positions, securing the seventh spot. Germany takes the eighth position with a score of 6.14, while Bulgaria ties with Panama for the ninth spot with a score of 5.83.
In the previous year, four countries, including Croatia, Georgia, Romania, and the United Arab Emirates, shared the fourth spot. However, five countries failed to reclaim top-10 status this year, with Ireland dropping 40 positions to 48th. Czechia, Greece, and Slovakia also missed the top 10 rankings.