The 2022 Worldwide Crypto Readiness Report revealed that the UAE ranks third globally when it comes to the number of blockchain start-ups. The country has close to 120 blockchain start-ups or 1.2 blockchain start-ups per 100,000 people.
The report looks into the number of crypto ATMs, legislations, taxes surrounding cryptocurrencies, as well as the number of blockchain start-ups and the level of interest in crypto in order to find the most crypto ready countries.
The study highlighted that Hong Kong was number one on the list in terms of crypto readiness, The country was crowned the most crypto-ready as it ranked in the top three for three of the categories looked at, including the number of blockchain start-ups per 100,00 people and the number of crypto ATMs proportional to the population. Hong Kong also doesn’t tax capital gains on crypto, making it appealing to investors.
The United States took second place thanks to the huge number of crypto ATMs in the country, which is more than ten times that of its closest competitor or 3.6 more per 100,000 people.
In third place was Switzerland. The country ranked high due to its high number of crypto ATMs per 100,000 people and no capital gains tax, ranking in the top five for both factors. The country is also one of the most enterprising, took number one place for the number of blockchain start-ups.
Switzerland was crowned as the country with the most blockchain start-ups, boasting 12.9 blockchain start-ups per 100,000 residents, or 1,128 in total. This has been due to the proactive approach taken by the Swiss financial authorities, which has led it into a booming blockchain industry with 14 of its start-ups worth over $1 billion.
While the United Arab Emirates took fourth place globally in the overall crypto readiness ranking, it also grabbed third place with regards to the number of Blockchains start-ups. The UAE boasted of 1.2 blockchain start-ups per 100,000 people. UAE has a population of approximately 10 million which would mean that the UAE has 120 blockchain start-ups residing in the country.
UAE was preceded by Hong Kong who took second place with three blockchain start-ups per 100,000 people.
In terms of the countries which have the most interest in cryptocurrencies, Australia took first place, with 4,579 “cryptocurrency” searches per 100,000 people, just under 18 percent of Australia’s population owning crypto in 2021. Second place went to Ireland which has 3,472 “cryptocurrency” searches per 100,000 people, followed by United Kingdom in third place with 3,409 “cryptocurrency” searches per 100,000 people. UAE took fourth place with 3, 342 ‘cryptocurrency’ searches per 100,000 people.
