The cryptocurrency sector, whose valuation exceeded $3 trillion last year, has attracted governments from several countries in recent times. Unfortunately, India does not figure in the list of countries that have taken crypto-friendly measures to contribute to the growth of this emerging industry. In the latest ‘Worldwide Crypto Readiness Report’, ForexSuggestions claimed that Hong Kong, followed by the US and Switzerland are the top three most crypto-ready nations in the world respectively.
The study, which evaluated countries out of ten in crypto-readiness, analyzed several aspects before declaring Hong Kong as the most crypto-friendly country. These aspects include the number of crypto ATMs, laws and taxes surrounding cryptocurrencies as well as the number of blockchain start-ups thriving in the ecosystem.
Hong Kong scored 8.6 out of 10 in terms of being attractive to the crypto sector, while the US scored 7.7 and Switzerland scored 7.5 on the Crypto-Ready Index.
Georgia, along with the UAE, Romania, Croatia, Ireland, the Czech Republic, Slovakia, Greece, Panama, Greece, Austria and the Netherlands emerged as the other countries adequately equipped to support the crypto ecosystem.
The US, Canada and Hong Kong also emerged as the countries with the largest number of crypto ATMs respectively.
The installation of these crypto-focused ATMs around the world has increased in recent times, a report by Coin ATM Radar claimed in June this year. In the first ten days of June alone, more than 882 bitcoin ATMs were exposed in different parts of the world. An average of 16 to 23 crypto ATMs are being installed around the world every day.
As of now, only two crypto ATMs exist in India, both in the National Capital Region (NCR).
Other than this, Worldwide Crypto Readiness Report Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia and Turkey have been named as the top shareholder in terms of lowest crypto taxes. In these countries, profits from crypto-trading are exempt from capital gains tax for individuals.
Switzerland, Hong Kong and the UAE took the top three positions for nurturing the most blockchain startups.
The fact that India has not cut the crypto-ready index clearly indicates that the government and entrepreneurs need to take conscious measures to position the nation among the early adopters of the crypto industry.
Currently, while India still does not have a solid legal framework governing the crypto industry, the government has implemented tax laws on virtual digital assets.
Indian crypto traders are struggling to see profits after paying 30 per cent tax on VDA transactions. This rule went live in April.
From July, Indians have also started seeing a one percent tax deduction on every crypto transaction. This essentially means that one percent TDS is being levied on every purchase and deposit of crypto assets, adding to the pressure on investors.
Crypto mammoths like Binance and Coinbase have admitted to monitoring Indian market sentiment towards crypto.
The city of Benaglur, India, is currently witnessing a boom in crypto startups, with many tech-based entrepreneurs experimenting with the blockchain and crypto industries.
According to a recent report by Accenture, India contributes 7% on the chart which represents the percentage of crypto and NFT holdings in Asia. This puts India ahead of Singapore, Japan and Vietnam – which represent six per cent, three per cent and four per cent respectively in digital asset holdings on the Accenture survey graph.
all things Considered; India has failed to save a spot in the list of countries most interested in cryptocurrency.
The Worldwide Crypto Readiness Report concluded that Australia, Ireland and the UK secured the first three ranks on the list.