Singapore surpasses the USA and China to become the leading country in blockchain technology, thanks to impressive numbers of patents, jobs, and cryptocurrency exchanges.
According to a December 21 study by ApeX Protocol, the multi-chain liquidity platform ranked Singapore as the world's leading country in blockchain technology, with a total score of 85.4. The study evaluates based on three main criteria: the number of blockchain patents, jobs related to this technology, and the number of operating cryptocurrency exchanges in each country.
The results show that Singapore holds 1,600 patents, generates 2,433 jobs, and is home to 81 exchanges, excelling despite a population of less than 6 million. The Hong Kong Special Administrative Region (China) closely follows in second place with a score of 82.7, thanks to a strong financial ecosystem and active support for blockchain adoption. Estonia, a small country with only 1.4 million people, also makes a strong impression by ranking third with a score of 81.5, possessing 95 patents and 52 cryptocurrency exchanges.
Ranking of the top blockchain jurisdictions based on patents, jobs, and exchanges. Source: ApeX Protocol USA: Huge blockchain potential stifled
Despite having significant potential with 32,000 patents, over 17,000 jobs, and 166 cryptocurrency exchanges, the USA ranks behind Switzerland, Canada, Australia, South Korea, the United Kingdom, and the UAE in this study.
One of the main reasons is believed to be the government's Operation Chokepoint 2.0 campaign, criticized for pressuring banks to sever ties with the cryptocurrency industry. Congressman French Hill, who is expected to lead the House Financial Services Committee, has criticized this campaign, arguing that it has negatively impacted the development of the industry.
Mr. Hill also expressed hope for the recovery of the cryptocurrency industry under the new administration and committed to advancing legislation on cryptocurrency market structure in the first 100 days of the next legislative session, aiming to support former President Donald Trump's goal of making the USA the 'blockchain capital of the world.'
The appointment of Paul Atkins, a cryptocurrency supporter, as Chairman of the Securities and Exchange Commission (SEC) and David Sacks, former Chief Operating Officer of PayPal, as chief policy advisor on artificial intelligence and cryptocurrency, is also seen as a positive signal for the development of the blockchain industry in the USA.