Singapore ranks first globally in crypto adoption

Singapore has secured the top spot globally in crypto adoption this year, thanks to high scores in technology and regulatory environment, according to a recent study.

The country scores 9.5 over 10 in innovation and technology, 9.1 in economic factors, and 8.3 in regulatory environment, according to the Henley Crypto Adoption Index 2024 by British investment migration consultancy Henley and Partners.

Three other parameters that the company used to rank the level of crypto-friendliness among countries and territories were infrastructure adoption, public adoption and tax-friendliness.

Hong Kong (China) came second with the highest score in economic factors, 9.8.

It was followed by the United Arab Emirates, the U.S. and the U.K.

Henly said that it studied crypto-friendly countries that host investment migration programs, based on their adoption and integration of cryptocurrencies and blockchain.

Its index provides crypto investors with a comprehensive overview of the extent to which these countries are embracing this emerging technology.

In another study, Henley found that the number of individuals holding more than US$1 million in cryptocurrency assets worldwide has doubled over the past year, reaching 172,300 as of June-end.

There are now 28 crypto billionaires in the world, it added.

In another report released earlier this year, crypto payment firm Triple-A said that Singapore boasts one of the highest crypto ownership rates globally.

Around 24.4% of its population own crypto assets, compared to the global average of 6.8%.

Bitcoin, the leading crypto, surged to a new peak of over $73,000 in March and is now hovering around $59,000.