Study reveals USA tops the most crypto-ready countries list – from ATMs to legislation
A new study can today reveal the most crypto-friendly countries in the world, with the USA emerging as the most prepared for mainstream cryptocurrency usage.
New research from Crypto Head has analysed measures including the number of crypto ATMs in each country, their accessibility, governmental legal stance on the ownership of cryptocurrencies, whether or not they can be used in banks and the number of online searches for crypto to reveal which countries are the most ready for the adoption of cryptocurrency.
You can find the results here: https://cryptohead.io/
Please note: Search data is between May 2020 to April 2021. In the case of zero crypto ATMS, ‘People Per Crypto ATM’ is the country’s entire population. The legislation score is out of two, with a point being assigned if cryptocurrency is allowed to be owned, and another if it was allowed to be used in banks.
The Top 10 Most Crypto Ready Countries
|Rank||Country/Region||Annual Crypto Google Searches per 100,000 People||Number of Crypto ATMs||People per Crypto ATM||Area per Crypto ATM (sq mi)||Legislation Score /2||Total Crypto-Ready Score /10|
United States: 7.13/10 crypto-ready score
The USA is the most ready to adopt cryptocurrencies with a total score of 7.13/10. It has the most crypto ATMs with over 17,000 - the next closest, Canada, has nearly 16,000 less. Law allows for ownership of crypto and its use in banks, and there were 14,796 Google searches for crypto per 100,000 people between May 2020 to April 2021, which is a 140% increase from the same timeframe the previous year.
Cyprus: 6.47/10 crypto-ready score
Potentially surprising to some, Cyprus ranks second with 6.47/10, as 33,941 per 100,000 people searched for cryptocurrencies between May 2020 to April 2021 alone. This level of interest is the highest of any country in the world and is a 139.6% increase from the previous year. While there are no crypto ATMS, Cyprus allows the ownership and usage of cryptocurrencies in banks, bringing its ‘readiness’ score up the charts.
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Singapore: 6.3/10 crypto-ready score
As a financial centre of the world, Singapore scored 6.3/10 totalling 31,324 crypto searches per 100,000 people which is the second most of all countries analysed. The law also allows for owning and using cryptocurrencies and there are 10 crypto ATMs in Singapore, but as it is such a small country this equates to one every 28 square miles, which is one of the high concentrations of any country.
- Hong Kong has the highest concentration of crypto ATMs in the world, averaging one per three square miles - though Hong Kong is only 429 square miles in total.
- The United States has the most crypto ATMs per capita with one for every 19,023 people, followed by Canada and the UK.
- While ownership of cryptocurrencies is permitted in Canada, it cannot be used in banks and is the only country in the top 10 to not achieve a full legislation score.
- Cyprus is the only country to not have a single crypto ATM of the top 10.
- Though Romania ranks 33rd place, it has seen the biggest increase in crypto searches from 34,200 to 147,500 between 2019 to 2020 - a 331% increase.
Rise Of Interest In Cryptocurrency
Adam Morris, co-founder of Crypto Head, observes:
"Some interesting findings in our Crypto Ready Index include the recent increase of interest in cryptocurrency from tax havens like Cyprus, Gibraltar, and the Cayman Islands. Our study found that these places fall in the top four countries that made searches for crypto between 2020/2021."
"Our research also found that the United States is the most crypto ready for consumers, even though the government has been slow with regulation clarity over the last few years, which has actually driven most crypto business overseas."
You can find the full list of countries by clicking here.