Singapore Tops Global Crypto Adoption Index, Followed by Hong Kong

• The Henley Crypto Adoption Index 2024 was published by Henley & Partners.
• With a score of 45.7 out of 60, Singapore was ranked first among the nations.

A survey found that among countries throughout the world, Singapore has the highest rate of cryptocurrency adoption. With Hong Kong and the UAE following closely behind.

Researching the current status of cryptocurrency adoption across nations, the Henley Crypto Adoption Index 2024 was published by the investment migration consulting company Henley & Partners.

Multiple Factors Considered

Moreover, public adoption, infrastructure, technological innovation, regulatory climate, economic variables, and tax friendliness were the criteria used to evaluate the different jurisdictions.

Data for 28 nations with investor migration schemes was gathered by the researchers during July and August of 2024. According to the findings, the UAE and Hong Kong were the next two countries in terms of cryptocurrency adoption.

Furthermore, with a score of 45.7 out of 60, Singapore was ranked first among the nations that were evaluated. The nation’s corporate, financial, and regulatory climate puts it ahead of the pack when it comes to cryptocurrency adoption, says the study.

Based on its welcoming financial system, substantial investment, and thorough laws, Singapore “fosters crypto adoption,” according to the study. Among them is the Payment Services Act, which governs the provision of services associated with digital payment tokens.

Furthermore, project Orchid and Project Guardian were sandboxes run by the Monetary Authority of Singapore (MAS) to evaluate tokenization’s potential advantages. After participating in the sandboxes, DBS Bank of Singapore used treasury tokens powered by blockchain technology and government grants based on the same technology.

With an index score of 42.1, the special administrative area (SAR) of Hong Kong, China, was second only to Singapore. The region’s tax-friendliness and economic characteristics were its strongest points. Also, the research found that the area fostered an atmosphere that encourages the rise of cryptocurrencies “through significant public interest.”

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