Study: U.S. is the country ‘most prepared for cryptocurrencies’

Despite the absence of a clear regulatory framework for cryptocurrencies, the United States has positioned itself as the “most crypto-ready” country in the world based on several key indicators such as Google searches, cryptocurrency ATM saturation, and legislation.

The 2021 Crypto-Ready Index, provided by research firm Crypto Head, gave the United States a high score of 7.13 out of 10.

“When it comes to cryptocurrency ATMs, the United States tops the list with more than 17,000, by far the most in the world, with the next closest country having about 16,000 fewer,” the findings, published Thursday, showed. “The United States, where cryptocurrencies are legally permitted to be held and used in banks, has seen a 140% increase in searches for cryptocurrency over the past year.”

Cyprus has been ranked as the second most cryptocurrency-friendly country in the world, largely due to a significant increase in Google searches for cryptocurrencies in the country over the past year.

Rounding out the top five are Singapore, Hong Kong and the United Kingdom.

Ireland, Slovenia, Australia, Germany and Canada also made the top ten. Source: Crypto Head

Last year, the U.S. seemed ready to backpedal on regulation when the outgoing Trump administration pushed for stricter legislation on self-hosted wallets. Under President Joe Biden, the White House appears to be taking a more favorable stance on digital assets, appointing pro-cryptocurrency congressman Gary Gensler as SEC chairman.

Despite the emergence of new cryptocurrency adopters in the U.S., including some of Wall Street’s elite, the future regulatory framework in the U.S. remains uncertain. The U.S. Commodity Futures Trading Commission and the U.S. Treasury Department’s Financial Crimes Enforcement Network are expected to play a larger role in shaping future crypto regulations in the U.S.