Dubai, Switzerland, South Korea Top Crypto Hubs 2024: SCM Report

The growing mainstream adoption of cryptocurrencies has led many nations to revise their tax frameworks, with over a dozen countries vying to establish themselves as leading crypto hubs. A recent report by Social Capital Market highlights Dubai, Switzerland, and South Korea as the top contenders for 2024.

Dubai: The Leading Hub

Dubai tops the list with a score of 79, thanks to its favorable regulations, no capital gains tax, low licensing fees, and a corporate tax rate of 9% on income exceeding AED 375,000. The region has seen over 550 registered crypto companies, including major players like Binance and Chainalysis.

Switzerland and South Korea

Following Dubai, Singapore ranks second with a score of 74.5 and boasts over 900 crypto-based companies. Switzerland, recognized for its progressive stance on cryptocurrencies, received a score of 73.5, with the city of Zug emerging as a global crypto hub since the economy minister's 2018 vision to make Switzerland a crypto nation.

South Korea also secured a notable score of 73.5, positioning itself as one of the fastest-growing crypto hubs, with capital gains and corporate taxes postponed until 2025.

Global Landscape of Crypto Hubs

Brazil and Germany follow, with scores of 66.5 and 67, respectively. Brazil is working hard to enhance its crypto presence, while Germany benefits from no long-term capital gains tax on crypto income. Russia is making strides as well, with a score of 67 and over 70 registered crypto firms.

Leading in Crypto Adoption

According to a report by Chainalysis published on September 11, 2024, India leads the global adoption list, followed by Nigeria, Indonesia, and the United States. Key drivers of this adoption include the approval of Bitcoin spot ETFs, entry of traditional finance players, and regulatory support.

With the recent launch of Bitcoin spot ETF trading by BlackRock and significant inflows into Ethereum ETFs, the momentum for crypto adoption continues to grow.

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