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Hong Kong is the leading country in crypto adoption in 2022

With a score of 8.6 out of 10, Hong Kong has been crowned as the most crypto-ready country globally. Second place went to the previous top country, the United States of America, while Switzerland came in third.

The latest report on worldwide crypto adoption has explored the number of blockchain startups in each country, digital asset legislation and tax rules, number of ATMs and interest in the industry per capita. Thus, it determined that Hong Kong is currently the most crypto-ready country.

The Hong Kong government is quite open to this sector and does not levy taxes on investors and businesses that make profits from trading digital currencies.

Before that, the country with the world’s top economy, the United States received 7.7 points. The country has more than 33,000 crypto ATMs, which means 10 for every 100,000 people.

Switzerland followed with a result of 7.5 points. The country, well known as one of Europe’s financial centers, does not tax cryptocurrency income and is home to many blockchain startups. It should also be recalled that earlier this year, the authorities of the city of Lugano, Southern Switzerland expressed their intention to introduce Bitcoin (BTC), Tether (USDT) and LVGA Points tokens as legal tenders.

The remaining countries in the top 10 include: Georgia, UAE, Romania, Croatia, Ireland and the Czech Republic. The 10th place is shared between Slovakia, Greece, Panama and Bulgaria.

The study also addresses the interest that different countries show in the field of digital assets. Australia ranked first because 4,579 people out of 100,000 searched for “cryptocurrency” on Google. Ireland is second with 3,472 searches, while the UK is third with 3,409 searches.

One of the most surprising changes from the 2021 study is the absence of Cyprus. Last year, the island nation ranked as the second most crypto-ready country, while its residents are among the most interested in the sector worldwide. This year, however, Cyprus is not even in the top 20.

Singapore, the United Kingdom and Slovenia, which are third, fifth and seventh respectively in 2021, have also dropped out of the rankings.

The overall shift in trends could be an example of how interest in the growing digital asset space is constantly changing and mainly driven by recent events and domestic regulations.