The top three crypto-ready countries in the world, in order, are Hong Kong, the US, and Switzerland.
The value of the cryptocurrency industry, which increased by over $3 trillion last year, has recently piqued the interest of numerous governments. Unfortunately, India was not included in the list of nations that have adopted crypto-friendly policies to support the development of this young sector. According to the most recent "Worldwide Crypto Readiness Report" by Forex Suggest, Hong Kong, the US, and Switzerland are the world's top three most crypto-ready countries.
The survey, which gave countries a score out of 10 for their readiness for cryptocurrencies, looked at several factors before naming Hong Kong as the most crypto-friendly nation. These factors included the number of cryptocurrency ATMs, cryptocurrency-related laws and taxes, and the amount of blockchain start-ups thriving in the ecosystems.
In terms of being profitable for the cryptocurrency industry, Hong Kong had a score of 8.6 out of 10, while the US received a score of 7.7 and Switzerland received a score of 7.5 on the crypto-ready index.
Other nations with the necessary infrastructure to support the cryptocurrency ecosystem include Georgia, the UAE, Romania, Croatia, Ireland, the Czech Republic, Slovakia, Greece, Panama, Greece, Austria, and the Netherlands.
In that order, the US, Canada, and Hong Kong emerged as the countries with the most cryptocurrency ATMs.
According to a study by Coin ATM Radar published in June of this year, the number of installations of these crypto-centric ATMs has increased recently. Over 882 Bitcoin ATMs had appeared in various locations worldwide in just the first ten days of June.
There are currently just two crypto ATMs in India, both of which are located in the National Capital Region (NCR).
According to the Worldwide Crypto Readiness Report, the countries with the lowest cryptocurrency taxes are Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey. Profits from cryptocurrency trading are free from capital gains taxes for individuals in certain nations.
The three countries that have supported the most blockchain companies are Switzerland, Hong Kong, and the United Arab Emirates.
Although India currently lacks a clear legislative framework to regulate the cryptocurrency business, the government has implemented tax rules on virtual digital assets.
Indian cryptocurrency dealers have trouble making money despite paying a 30% tax on VDA transactions. It became effective in April.
Indians have also started to get a 1% tax reduction on each cryptocurrency transaction as of July. This implies that a 1% TDS is being imposed on each purchase and deposit of cryptocurrency assets, putting more pressure on investors.
Crypto behemoths like Binance and Coinbase have acknowledged looking at the cryptocurrency market attitude in India.
Several tech-based companies are experimenting with blockchain in the Indian city of Bengaluru, which is now seeing a surge in cryptocurrency firms.
The fact that India failed to qualify for the crypto-ready index plainly shows that the government and businesspeople must take deliberate steps to position the country as one of the industry's early adopters.
According to a recent Accenture analysis, India contributes 7% to the Asian percentage of cryptocurrency and NFT ownership. This puts India ahead of Singapore, Japan, and Vietnam, shown on the Accenture survey graph as having six percent, three percent, and four percent of digital assets, respectively.
In light of all, India has fallen short of earning a position among the countries showing the most interest in cryptocurrencies.
The Worldwide Crypto Readiness Report found that Australia, Ireland, and the UK took the top three places on this ranking.