The latest report from investment immigration advisory firm Henley & Partners has ranked Singapore as the top country for global cryptocurrency adoption.
Henley Cryptocurrency Adoption Index 2024: Singapore Tops Global Cryptocurrency Adoption Rankings
The Henley Cryptocurrency Adoption Index 2024 noted strong regulation, a developed fintech ecosystem, and public acceptance as key factors that helped Singapore take the top spot.
The report evaluated investment immigration programs across factors such as public acceptance, infrastructure, innovation, regulatory environment, economic factors and tax friendliness of 28 countries.
Hong Kong and UAE Stand Out as Leaders in Cryptocurrency Adoption
Hong Kong ranked second with a score of 42.1 on this index. The Henley Cryptocurrency Adoption Index report largely highlights the same reasons for the region’s high ranking, namely its tax-friendly economic environment and advanced digital infrastructure. The HKMA (Hong Kong Monetary Authority) has been quite active in the digital asset space, introducing Project Ensemble, a platform exploring interbank settlements using central bank digital currencies and Tokenize of real assets.
The UAE ranked third with a score of 41.8, just behind Hong Kong. Favorable tax policies and an innovative environment were highlighted as strong government support policies in promoting cryptocurrency adoption. This has further reinforced the vibrant startup scene and high cryptocurrency ownership rate among the UAE population.
Along with the adoption of cryptocurrencies, Henley & Partners also released the 2024 Cryptoasset Report. The report predicts that the number of people globally owning over $1 million worth of Cryptoasset has increased by 95% since 2023. More than half of them have Bitcoin in their portfolio.
