The research firm Crypto Head released its 2021 Crypto-Ready Index, which is a study listing the 10 most prepared countries for digital currency.
The United States had a top score of 7.13 out of 10 despite not having a clear regulatory framework for handling cryptocurrencies. This was followed by Cyprus, Singapore, Hong Kong, the United Kingdom, and Ireland, which all have over 6 points out of 10.
According to the research, the second most crypto-ready country in the world is Cyprus due to its sharp spike in Google searches over the previous years. Meanwhile, the ranked seven to ten are Slovenia, Australia, Germany, and Canada, with over 5 points out of 10.
The study stated that the United States was positioned to be the most equipped country in the world for cryptocurrency due to its legislation, crypto ATM saturation, and Google searches.
These results, which were released last July 1, stated that in terms of cryptocurrency ATMs, the US is leading with over 17,000 units.
In addition, laws in the country allow for ownership of any crypto and its use in banks. Also, the US had 140% gains in searches for cryptocurrency in 2020.
Last year, the administration of Donald Trump pushed for harsher legislation on self-custody wallets. This put the country in a regress on the regulatory front last year.
Fortunately, President Joe Biden seems to have a favorable stance on the digital asset as Gary Gensler, a crypto-friendly lawmaker, was positioned as the SEC Commissioner.
However, the future regulatory framework of the United States is still uncertain, even though the country has seen a steady influx of crypto adopters.
At the moment, analysts expect the Commodity Futures Trading Commission and Treasury Department’s Financial Crimes Enforcement Network to shape the US’ future crypto regulations.
UK Named Crypto on Financial Reform List
Moreover, the United Kingdom included cryptocurrencies and stablecoins on its financial reform list that was planned to undertake in the next few years.
On Thursday, the government announced that it would be implementing suggestions to establish the nation as the center of fintech innovation and business.
However, it would still be protecting its citizens’ access to cash as authorities will continue to monitor updates in finance and technology.
Moreover, regulators will be working on the government’s reforms with regard to digital assets. For some time, the United Kingdom has been exploring the Central Bank Digital Currency.
Last year, it took a major leap as the Bank of England and HM Treasury both announced that they were researching how and whether central banks can issue their own digital currencies.
In early 2021, the government founded a CBDC task force to explore its prior issues linked with the design, implementation, and operation in the kingdom.