According to a study by trading platform Forex Suggest, crypto adoption in Hong Kong will increase as the city has emerged as the most prepared country/region to embrace the cryptocurrency age.
Forex Suggest conducted a worldwide survey, the Crypto Readiness Report, in order to determine which countries are most prepared for cryptocurrencies. After taking into consideration various parameters such as legislation and the number of crypto ATMs, Hong Kong came out on top.
This country (or region) is the most crypto-ready as it ranks in the top three for three categories, including blockchain startups and crypto ATMs per 100,000 people. With a score of 8.6/10, Hong Kong attained this status due to the lack of taxes on capital gains for cryptocurrencies, making it an appealing investment destination.
Furthermore, in terms of the number of crypto ATMs, it has the most densely packed area. Hong Kong claims to have residents who are never more than 7 kilometers from an ATM, which is no surprise given that the little island nation has the smallest land surface of all the locations studied alongside one of the highest ratios of crypto ATMs.
Meanwhile, the Securities and Futures Commission (SFC) of Hong Kong has recently stepped up its warning campaign about the dangers of trading Non-Fungible Tokens (NFTs).