In 2022, Hong Kong is Becoming as The Most Crypto-ready Nation
On Jul 30, 2022
Hong Kong is becoming as the most crypto-ready nation in 2022, this means that the city is more open to cryptocurrency and blockchain technology than any other place. Hong Kong came out on top due to its strong legal framework and supportive government policies. PWC also highlighted the city’s “vibrant” start-up scene and its role as a global financial center.
The Factors are the number of crypto ATMs proportional to the population and geographical size and the number of blockchain startups per 100,00 people. Asia is home to some of the most economically and technologically advanced countries in the world. With such large populations, it is no surprise that Asian countries are leading the way in terms of crypto readiness. Hong Kong, in particular, has a high concentration of both crypto ATMs and blockchain startups. This, combined with its status as a global financial hub, makes it the perfect environment for crypto adoption. In fact, it is estimated that by 2022, over half of all transactions in Hong Kong will be conducted using cryptocurrency.
The survey said it found that the majority of respondents in Hong Kong were aware of cryptocurrency, and about 60 percent of them said that they would be willing to use it. This is a significant difference from the global average, where only 47 percent of people are aware of cryptocurrency and just 28 percent said they would be willing to use it. So, one key reason is public acceptance. In order for cryptocurrency to succeed, it needs to be adopted by businesses and individuals. This is already happening in Hong Kong, where a number of businesses accept Bitcoin as payment.
Currently Hong Kong has many Crypto ATMs according to its population, making it one of the easiest places to use cryptocurrencies. The government has been supportive of the industry, passing a number of pro-crypto regulations. Also, the tax regime is fairly friendly towards cryptocurrencies, with no capital gains tax or value-added tax on crypto transactions. And finally, with its strong startup culture, supportive regulatory of the government and financial institutions towards cryptocurrencies is generally supportive, with no major crackdowns or bans on crypto activity.
The Hong Kong Stock Exchange is one of the world’s leading exchanges for listing and trading digital assets. The city has a well-established regulatory framework for cryptocurrency businesses. A few years ago the Securities and Futures Commission (SFC) published guidance on regulating cryptocurrency investments, and earlier this year, the SFC granted a license to a digital asset exchange operator. With its institutional investors increasingly interested in digital assets, Hong Kong is well positioned to attract more investment.
As of now, nothing can be said for certain whether Hong Kong will be the most crypto-ready country by the end of 2022. While the region has seen a number of initiatives aimed at promoting cryptocurrency adoption, it remains to be seen whether these efforts will be enough to make Hong Kong a leader in the space.