Hong Kong, US, Switzerland are Best-Prepared to Embrace Crypto
HomeNewsHong Kong, US, Switzerland are Best-Prepared to Embrace Crypto

Hong Kong, US, Switzerland are Best-Prepared to Embrace Crypto

Daniela Kirova
Daniela Kirova
26th May 2023
  • The US has 35,000 ATMs, the highest number of crypto ATMs overall
  • Hong Kong, Switzerland, Germany, Malaysia, Panama, Portugal, and Turkey don't tax crypto
  • 14 of Swiss blockchain startups are worth over $1 billion

Forex Suggest conducted a survey on which countries are most-prepared to embrace crypto based on how many crypto ATMs they have, their tax rates on crypto holdings, the number of blockchain startups, and other factors. Bankless Times summarizes the findings.

Hong Kong is most-prepared to embrace crypto

The Special Administrative Region of Hong Kong is the crypto-readiest city with a high number of blockchain startups and crypto ATMs proportional to its population. It doesn’t tax capital gains on crypto.

The US is next with more than ten times the ATMs of its closest competitor, or 3.6 per 100,000 people.

The finance hub Switzerland ranks highly, coming in second in blockchain startups and a high number of crypto ATMs per 100,000 people. It also charges no capital gains tax.

The US has the most crypto ATMs per capita

Apart from having almost 35,000 ATMs, which is the highest number of crypto ATMs overall, the North American country ranks first with the highest proportion of crypto ATMs per capita.

Canada follows its southern neighbor with around 2,500 crypto ATMs. Hong Kong is next with a total of 149 crypto ATMs.

These countries levy no crypto tax

Hong Kong, Switzerland, Germany, Malaysia, Panama, Portugal, and Turkey exempt profit from crypto trading from capital gains tax. Hong Kong considers crypto a virtual commodity, not a currency. Switzerland levies no capital gains tax because it considers crypto a private wealth asset. Portugal doesn’t tax crypto profits, and neither does Panama.

The Malaysian government will charge income tax on cryptocurrencies if they are a regular income source. If not, holdings are tax-free for private investors. It’s the same situation in Turkey. The Turkish government doesn’t regulate crypto holdings, but companies transacting in crypto are subject to a 20% corporate tax.

Germany has some laws for private investors, but if crypto is held for over a year, capital gains tax does not apply.

Indonesia charges 0.1%

The capital gains tax on private investors’ crypto profits is just 0.1%. Indonesia introduced this tax in May this year. It levies VAT on crypto transactions as well.

Switzerland has the most blockchain startups

With around 13 blockchain startups per 100,000 people, Switzerland takes the top spot in this subcategory. 14 of Swiss startups are worth over $1 billion.

Hong Kong is second with three startups per 100,000 people. The city played a key role in the development of Tether and other widely known blockchains and technologies.

Author Bio
Daniela Kirova
Daniela Kirova
Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.