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Hong Kong poised to become the most crypto-ready country

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Hong Kong poised to become the most crypto-ready country

The crypto market has grown tremendously over the past few years, and since it is mostly internet-based, it favors the more technologically advanced countries as they can increase the value of the crypto industry.

The more progressive countries in the world generally have a high rate of technology adoption, which is vital for the crypto market as it means people will enter the industry more easily, helping it to thrive. One such country, recognized for its adoption of technology and primed for growth, is Hong Kong.

The South Asian country is expected to make an impact on the crypto market soon, especially since it has already put in place a structure to help with crypto adoption. More businesses are now flocking to Hong Kong due to its support for digital assets such as Bitcoin (BTC) and Ethereum (ETH), with gamers in the city now turning to Bitcoin Casino Games. Some of the reasons why Hong Kong could become the next crypto hub in Asia include:

Infrastructure for Crypto Adoption and Tax Reduction

One of the main factors behind Hong Kong’s continued growth as a crypto hub has been the government’s implementation of pro-crypto regulations. The rise in crypto ATM installations and general startup culture in the city have also gone a long way in positioning Hong Kong to be one of the top countries when it comes to the crypto market. Visa’s Managing Director for Hong Kong and Macao, Maaike Steinebach, noted in a statement that Hong Kong citizens are not only interested in crypto as a business asset, but also as a method of payment.

The country is also attracting businesses with its low taxes on cryptocurrency, which is not considered legal tender in Hong Kong, but a virtual commodity. As such, crypto trading is considered a normal course of business and treated as a normal source of income, which is subject to profit tax in the country with a cap of 16.5%.

Attracting the attention of crypto-based companies

Ever since Hong Kong established a crypto-friendly regime, crypto-based businesses have started flocking to the Asian nation. One such company, which has already received a license to offer crypto services in Hong Kong, is Gate.io. The company’s CEO, Han Link, celebrated the newly acquired license by saying:

“Establishing a custodial business in Hong Kong is a global strategic step for the Gate.io group, not only because Hong Kong is the hub of many financial institutions and investors, but more importantly, the regulatory regime for Hong Kong tip provides additional confidence for investors placing assets in the custody of Hippo FS”

Ready to become a Crypto Hub

The view that Hong Kong is the country best positioned for widespread crypto adoption is shared by many and is supported by research conducted by Forex Suggest earlier this year. Called the “Global Crypto Readiness Report“, the study – which takes into account factors such as the number of crypto ATMs, regulation, taxes, etc. – gave Hong Kong a crypto readiness score of 8.6, which triumphs over scores of 7.7 in the US and 7.5 in Switzerland As such, the country has not only become a place for crypto investments but also a hub for gambling Bitcoin Casino Games.

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