The cryptocurrency sector, which has grown in value by more than $3 trillion last year, has attracted the governments of many countries in recent times. Unfortunately, India did not make it to the list of countries that have taken crypto-friendly measures to contribute to the growth of this nascent industry. In the latest ‘Worldwide Crypto Readiness Report’, Forex Suggest states that Hong Kong, followed by the US and Switzerland, are the top three crypto-ready countries in the world, respectively. .
The study, which ranked countries out of ten in terms of crypto readiness, analyzed several aspects before declaring Hong Kong as the country with the most crypto-friendly country. These aspects include the number of crypto ATMs, the laws and taxes surrounding cryptocurrencies as well as the number of blockchain startups thriving in the ecosystem.
While Hong Kong scored 8.6/10 on profitability for the crypto sector, the US scored 7.7 and Switzerland scored 7.5 on the crypto readiness index.
Georgia, UAERomania, Croatia, Ireland, Czech Republic, along with Slovakia, Greece, Panama, Greece, Austria, and the Netherlands emerge as others, equipped enough to support the crypto ecosystem.
The United States, Canada and Hong Kong also emerged as countries with the highest number of Cryptocurrency ATMs corresponding.
The installation of these crypto-centric ATMs around the world has increased in recent days, report by Coin ATM Radar stated in June of this year. In just the first ten days of June, more than 882 Bitcoin ATMs popped up in different parts of the world. On average, between 16 and 23 crypto ATMs are being installed around the world on a daily basis.
Currently, only two crypto ATMs are known to exist in India, both in the National Capital Region (NCR).
More, Worldwide Crypto Readiness Report named Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia and Turkey as top sharers for the lowest Cryptocurrency tax. In these countries, profits made from cryptocurrency trading are exempt from capital gains tax for individuals.
Switzerland, Hong Kong, and UAE have secured the top three spots to nurture the highest number of blockchain startups.
The fact that India has not made a cut in the crypto readiness index clearly shows that the government and entrepreneurs need to take conscious measures to establish the nation among the people. early adoption of the cryptocurrency industry.
Currently, while India still does not have a specific regulatory framework for regulating the crypto industry, the government has adopted tax laws for virtual digital assets.
Starting from July, Indians have also started to get a one percent tax deduction on every crypto transaction. This basically means one percent TDS are being taxed on every purchase and deposit of crypto assets, thus increasing the pressure on investors.
The Indian city of Benagluru is currently seeing a boom in crypto startups with a number of tech-based entrepreneurs experimenting with the blockchain and crypto industries.
According to a recent Accenture reportIndia contributes seven percent on the chart representing crypto percent and NFT holds in Asia. This puts India ahead of Singapore, Japan and Vietnam – reflecting 6%, 3% and 4% respectively in terms of digital asset holdings on Accenture’s survey chart.
All things Considered; India has been unable to earn a spot on the list of countries most interested in cryptocurrencies.
Australia, Ireland, and the UK rank first in this list, the Worldwide Crypto Readiness Report concludes.