Is Hong Kong the next Bitcoin hub?

Sahana Kiran
Source – Unsplash

Bitcoin [BTC] and its impeccable growth from being an asset associated with the dark web to an extensively accepted currency should be lauded. Officials who once stepped on the crypto market pointing out its risks have become more taking of it. With the worldwide adoption of crypto, countries are forced to accommodate them. Despite this, certain governments continue to remain hostile. These countries seem to be more ready than ever to adopt crypto.

A recent report by Forex Suggest revealed the crypto readiness of each country. Hong Kong topped the list as it scored 8.6 on 10 in terms of being crypto-ready, and the Island nation managed to tick off most boxes regarding the number of blockchain startups and crypto ATMs.

However, the weekly LocalBitcoins Volume was pretty low compared to previous years.


The United States, with a whopping 33,720 crypto ATMs across the country, took over second place. The government acquired 7.7 on the crypto-ready score. The US has been home to an array of crypto ATMs ranging from Bitcoin, Dogecoin [DOGE], and even Shiba Inu [SHIB]. The report further read,

“Crypto ATMs are key in preparing countries to adopt cryptocurrencies as they allow less tech-savvy people to start using crypto. As well as having the highest number of crypto ATMs overall at nearly 34,000, the US takes the top spot for the highest proportion of crypto ATMs with 10.1 per 100,000 people.”

Despite the interest in the Bitcoin industry, the stringent laws imposed by the government could intervene with its growth.

The others on the list included,


Are these countries the ultimate crypto tax haven?

As though the fees that come with transferring specific cryptocurrencies weren’t enough, extensive taxes have posed a problem among investors. India’s recent move of imposing an enormous 30 percent tax on crypto has proved detrimental in many ways. This report managed to curate the list of countries with comparatively lesser crypto taxes.

According to the report, seven countries, including Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey, have the lowest crypto taxes. All these countries exempt profits made from crypto trading from capital gains taxes. It should be noted that some countries like Panama and Portugal do not consider crypto as legal tender; therefore, they have refrained from taxing them.

Additionally, irrespective of the community’s interest in the crypto industry, the government’s stance on it is sadly essential.