According to the Henley Crypto Adoption Index 2024, Singapore has emerged as the world leader in cryptocurrency adoption, thanks to its pioneering approach to regulating the industry.
The report, published by investment migration advisory firm Henley & Partners, highlighted a strong regulatory environment, innovation in financial technology and widespread public acceptance as key factors that put the island nation at the top.
Asia dominates the top 10
The study assessed 28 countries with investment migration programs, ranking them based on criteria such as public acceptance, infrastructure, technological innovation, regulatory environment, economic factors and tax friendliness.
Singapore scored the highest, with 45.7 out of 60 points. The report noted that:
“Singapore drives crypto adoption through a supportive banking system, large investments, and comprehensive regulations.”
One of the country's important legal frameworks is the Payment Services Act, which regulates services related to digital payment token service providers.
Additionally, the Monetary Authority of Singapore (MAS) has spearheaded several initiatives such as Project Orchid and Project Guardian, testing the benefits of tokenization and promoting the adoption of blockchain technology in the financial sector.
Hong Kong ranked second with 42.1 points, despite only recently turning in favor of crypto. The report said that economic factors and tax friendliness, along with advanced digital infrastructure and strong public interest, are the main drivers of crypto growth in the region.
The Hong Kong Monetary Authority (HKMA) is also actively exploring digital asset opportunities, similar to Singapore’s MAS. The HKMA recently launched Project Ensemble to explore inter-bank settlement using central bank digital currencies (CBDCs) and tokenization of real assets.
The United Arab Emirates (UAE) ranked third with a score of 41.8, almost equal to Hong Kong. The UAE surpassed both Singapore and Hong Kong in terms of tax friendliness, and the report praised the country's innovative environment and strong government support for the crypto industry.
The UAE’s vibrant startup scene and high crypto ownership among its population are also major contributing factors. Two other Southeast Asian countries, Malaysia and Thailand, also made the top 10, ranking eighth and tenth, respectively. Vietnam was not on the list despite having the second-highest crypto investment participation rate in the world, behind only the United States.
Top 5 Complete
The United States ranked fourth in the Henley Crypto Adoption Index, scoring 41.7 points, just behind the UAE. The report highlights America’s strong performance in innovation and technology, fueled by a vibrant fintech ecosystem and high levels of public adoption.
However, the report also points out that the US regulatory environment is a “complex and sometimes challenging factor” for widespread adoption. Despite this, the US’ technological advancements and economic influence still help the country maintain an important role in the global crypto scene.
The UK ranked fifth with a score of 36.1. The country was praised for its strong regulatory environment and key economic factors, which have contributed to the growth of the crypto industry.
The UK has seen a steady increase in both public and institutional interest in digital assets. The government has also taken steps to create a favorable environment for crypto businesses through clear regulations and support for innovation.
Source: https://tapchibitcoin.io/singapore-dan-dau-the-gioi-ve-chap-nhan-crypto-chau-a-thong-tri-top-10.html
