The United Arab Emirates ranks first globally in the Crypto-Friendly Index, followed by Singapore and the United States
According to a study by Atmos, the United Arab Emirates (UAE) is the country most enthusiastic about cryptocurrency globally, scoring 98.4. This Middle Eastern nation narrowly leads Singapore in second place (97.5 points), and is more than ten points higher than the United States ranked third (85.4 points).
The UAE's top ranking was achieved despite its minimal Bitcoin ATM infrastructure. According to the research report, for context, the US ranked third has 29,834 Bitcoin ATMs while UAE only has one. Nevertheless, UAE's cryptocurrency ownership rate of 25.3% and adoption rate of 210% are enough to secure its top position.
Meanwhile, Canada has the second highest number of Bitcoin ATMs worldwide (3,561), but with an overall score of 72 it ranks fourth. This score is attributed to its cryptocurrency ownership rate of 10.1% and an adoption rate of 225%. In Turkey due to economic uncertainty caused by currency devaluation; it ranks third in terms of cryptocurrency ownership rates at19 .3%. However due to lower adoption rates coupled with scarce numbers of bitcoin ATMs(only seven), it scored a total point tallying up-to-67 .8 making it fifth friendliest country towards cryptocurrencies.
Despite Switzerland’s double-digit cryptocurrency holding rate (11.5%), its adoption rate is only at90%, which is lowest among leading countries resulting in a score as low as58 .1 according to research reports seventh-ranked Switzerland’s lower adoption indicates that this represents “a mature market rather than emerging adoptions”.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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