The United States has positioned itself as the ‘most crypto ready country in the entire world despite not having a definite regulatory framework on cryptocurrencies. The study took into account several critical metrics like crypto ATM saturation, Google searches, and crypto regulation.
Cryptos like BTC and ETH are considered to be commodities by the US Securities and Exchange Commission and Commodity Futures Trading Commission (CFTC). The 2021 Crypto-Ready Index, published by Crypto Head research company, gave the US a top score of 7.13 out of 10.
The results that were released on July 1, 2021, showed:
“In terms of crypto ATMs, the USA is leading the way with over 17,000 which is by far the most in the world, as the next closest country has around 16,000 less. US law allows for ownership of crypto and its use in banks, and there has been a 140% increase in searches for cryptocurrency in the past year.”
Cyprus was named as the second-best crypto-ready jurisdiction in the world, majorly for the steep surge in Google searches in the last 12 months. Rounding out the top five are Singapore, the United Kingdom, and Hong Kong.
The US appeared poised to regress on the regulatory front in 2021 when the Trump administration pushed for stern legislation on self-custody wallets. Under President Joe Biden, the White House seems to have taken a better and more favorable stand on digital assets with the appointment of Gary Gensler, a crypto-friendly legislator, to the position of SEC Commissioner.
Although the US has seen a continuous influx of new crypto adopters, including some Wall Street elite, the future regulatory infrastructure remains uncertain. The Treasury Department’s Financial Crimes Enforcement Network and Commodity Futures Trading Commission are expected to play a greater role in shaping future cryptocurrency regulations in the nation.