COTD: Singapore secures top spot in crypto adoption, leading in infrastructure, tech: report

Singapore outranked Hong Kong, UAE, the US, and the UK.

Singapore is the most crypto-friendly country, leading in fostering crypto adoption with its supportive banking system, significant investment, comprehensive regulations like the Payment Services Act, regulatory sandboxes, and alignment with global standards, Henley & Partners reported.

With a total score of 45.7 out of 60, Singapore outranked Hong Kong (42.1), the UAE (41.8), the US (41.7), and the UK (36.1).

Singapore also ranked first in three of six parameters in the index: infrastructure adoption (6.8), innovation and technology (9.5), and regulatory environment (8.3).

Meanwhile, Singapore ranked sixth in public adoption (4.6), second in economic factors (9.1), and ninth in tax-friendliness (7.4).

The Henley Crypto Adoption Index 2024 assessed 23 countries using over 670 data points across six main parameters, comprising 16 sub-parameters and 24 indicators.