US Is Leading The Way With Market Readiness For Crypto

According to Crypto Head, the United States stands at the top of the list for countries or nations prepared for a wide-scale digital asset adoption. The same cryptocurrency platform has also ranked Cyprus as the country most interested in embracing virtual currencies.

Why the USA Came First

Spotted at the Crypto Ready Index on Crypto Head’s 2021 list, the USA ranked first in the list of countries with the greatest number of crypto ATMs, all of which are accessible. The United States also ranked first in the legality of crypto with a top score for their usability in banks. The nation also did exceedingly well looking at the number of online searches for terms related to crypto.

These were the parameters used to determine the pacesetting nation/country in terms of crypto readiness. With a record score of 7.13/10, the USA is at the top of this list, followed by Cyprus and Singapore in second and third place respectively.

The United States was on the list for its notably favorable legal environments when crypto is considered. Citizens are allowed to own cryptocurrencies, and banks are also permitted to use them.

What Does Readiness for Crypto Mean?

According to the Crypto Head platform, readiness for crypto can be measured based on three principal metrics. First, the laws of that country must be supportive of the use of cryptocurrencies. This means that the citizens can hold these tokens at their convenience and that banks also accept them as a usable currency.

The second metric is how the country has facilitated people to use cryptocurrencies. In facilitation, resources such as crypto ATMs must be available in different parts of the country so that crypto holders are facilitated when they want to engage in crypto-related transactions.

The final determining metric is the count in Google searches witnessed in the country. Indeed, a country with the most number of searches potentially accepts virtual currency and is ready to embrace crypto as a means for transacting.

With these three critical metrics combined, it is possible to rank countries based on their expressed readiness for crypto adoption, using the efforts by the government and efforts by its citizens as the scales to establish their readiness for adopting the digital currency.

Crypto in the U.S and Cyprus

The United States Commodity Futures Trading Commission and the Securities and Exchange Commission both consider cryptocurrencies, including but not limited to Bitcoin and Ethereum, to be viable commodities. Even in the absence of a defined regulatory structure on cryptocurrencies, the U.S has taken a strategic position to be a frontier nation in crypto readiness. Thriving across critical metrics such as crypto ATM saturation, legislation and Google searches, the nation has secured a position at the top.

The United States tops the crypto ATMs evaluation metrics with a record of more than 170,000 crypto ATMs. This number is not matched by any country globally, with the next closest having at most 1000. The high disparity is owed to the fact that the laws of the United States allow for ownership of crypto and their use in banks across the country. 2020 alone witnessed a clean 140% increase in searches for crypto-related terms in the U.S.

Following by a sizeable margin was Cyprus, ranking as the second most crypto-ready country globally. This score is hugely attributed to the country’s steady rise in Google searches over the past year. After Cyprus, Singapore, Hong Kong, and the United Kingdom made the list of the top five most crypto-ready countries using the three critical metrics mentioned.

While the United States has manifested a steady growth in new adopters of the cryptocurrency, there is no predicting how the regulatory frameworks to come – will operate. This is because there is a huge role to be played by both the Commodity Futures Trading Commission and the Financial Crimes Enforcement Network of the Treasury Department in influencing the future of crypto regulations in the United States.

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