The most loyal country to cryptocurrencies has been identified

According to a study conducted by Forex Suggest, Hong Kong is the most cryptocurrency-friendly country as of July 2022.

According to the researchers, the city-state of Hong Kong has the largest cryptocurrency infrastructure, ahead of the United States and Switzerland. Hong Kong residents and the government have a positive attitude towards digital currencies and are looking forward to the introduction of cryptocurrencies into the state’s financial system. The study took into account the number of cryptomats proportional to the population and geographical size of the territory, as well as the number of blockchain startups per 100,000 inhabitants.

As for the cryptocurrency taxation system, Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey ranked first in terms of the lowest cryptocurrency taxes in the world. However, low taxes do not mean that Hong Kong does not control the crypto sphere. Recently, the Hong Kong authorities announced amendments to the anti-money laundering legislation. Owners of cryptocurrency platforms or other projects that provide any services with virtual currency must obtain a license. Those who continue to operate without legal authorization will have to pay a fine of $ 5,000,000 or, in the worst case, face up to 7 years in prison.