Singapore Tops Global Crypto Adoption Rankings
Singapore has emerged as the global leader in crypto adoption due to its progressive regulatory approach toward the industry, according to the Henley Crypto Adoption Index 2024.
The report, published by investment migration consultancy Henley & Partners, highlighted the city-state’s robust regulatory environment, innovation in financial technology, and widespread public adoption as key factors propelling it to the top of the list.
Asia leads top 10
The study evaluated 28 countries with investment migration programs, ranking them based on criteria such as public adoption, infrastructure, innovation and technology, regulatory environment, economic factors, and tax friendliness.
Singapore secured the highest overall score, with 45.7 out of 60 points. The report noted:
“Singapore fosters crypto adoption through a supportive banking system, significant investment, and comprehensive regulations.”
Among the country’s key regulatory frameworks is the Payment Services Act, which governs services related to digital payment token service providers.
Additionally, the Monetary Authority of Singapore (MAS) has led initiatives like Project Orchid and Project Guardian, which have tested the benefits of tokenization and facilitated the adoption of blockchain technology in the financial sector.
Hong Kong ranked second place, scoring 42.1 in the index despite its relatively recent pro-crypto pivot. The report said that the region’s economic factors and tax-friendliness, coupled with advanced digital infrastructure and significant public interest, are the primary drivers of crypto growth.
Like the Singaporean financial watchdog, the Hong Kong Monetary Authority (HKMA) has also been active in exploring digital asset opportunities. It recently launched Project Ensemble to study interbank settlements using a central bank digital currency (CBDC) and real-world asset tokenization.
The UAE ranked third, with a score of 41.8, nearly tying with Hong Kong. The UAE surpassed both Singapore and Hong Kong in tax-friendliness, and the report praised the country’s innovative environment and strong government support for the crypto sector.
The UAE’s thriving startup scene and high levels of crypto ownership among the population were also cited as contributing factors. Two other Asian countries — Malaysia and Thailand — were also in the top 10 countries, ranked eighth and tenth, respectively.
Rounding out the top 5
The United States placed fourth in the Henley Crypto Adoption Index, scoring 41.7 points, just behind the UAE. The report highlighted the US’s strong performance in innovation and technology, driven by a vibrant fintech ecosystem and a high level of public adoption.
However, the report noted that the US regulatory environment has been a “complex and sometimes challenging factor” for broader adoption. Despite this, the country’s technological advancements and economic influence make it a key player in the global crypto landscape.
The United Kingdom rounded out the top five with 36.1 points. The UK was praised for its strong regulatory environment and economic factors, which have been instrumental in fostering a growing crypto industry.
The country has seen a steady increase in both public and institutional interest in digital assets, with the government taking steps to create a favorable climate for crypto businesses through clear regulations and support for innovation.
