A new report from investment immigration consulting firm Henley & Partners reveals that Singapore is the global leader in cryptocurrency adoption. The report, part of the Henley Crypto Adoption Index 2024, highlights Singapore’s top position due to its supportive regulatory environment and widespread public use of cryptocurrencies.

The survey also revealed that out of 60 points, Singapore was leading with 45.7 points in the index. Singapore has been ranked highly because of its advanced regulation of crypto, with the Payment Services Act to regulate digital payment tokens. The Monetary Authority of Singapore (MAS) has also been active with initiatives such as Project Orchid and Project Guardian which focus on blockchain and tokenization opportunities.

Hong Kong Ranks Second in Crypto Report with a Score of 42.1

Hong Kong was second in the report with an average score of 42.1. Despite joining the crypto space relatively late, Hong Kong has shown rapid growth because of its well-developed digital environment, sound economic conditions, and preferential taxation regimes. The Hong Kong Monetary Authority (HKMA) has been engaging actively with Project Ensemble, especially in relation to central bank digital currencies (CBDCs) and real-world asset tokenization.

The UAE followed closely at the third position with a score of 41.8 which was almost at par with Hong Kong. Singapore and Hong Kong are surpassed by the UAE in terms of tax treatment, and the country’s innovative climate coupled with strong government backing of the crypto industry are factors for mentioning. Another reason for the high score is that the UAE has a vibrant startup ecosystem and a high proportion of crypto users.

The same report shows the United States in the fourth position with 41.7 points. The US boasts a strong innovation index and is ranked high on technology but struggles with an elaborate legal framework. The United Kingdom follows with 36.1 points thanks to robust regulation and growing adoption of crypto assets.

Other countries also within the top ten include Malaysia and Thailand at eighth and tenth, respectively, showing that Asian countries are gradually gaining ground in the crypto market.

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