A recent report from consultancy Henley & Partners has placed Singapore at the top of the global crypto adoption index for 2024.
Key Factors Highlighted
The Henley Crypto Adoption Index 2024 highlighted Singapore's solid regulatory regime, developed fintech ecosystem, and public adoption as the mainstays of its leading position. The report evaluated investment migration programs in public adoption, infrastructure, innovation, regulatory environment, economic factors, and tax friendliness across 28 countries.
Crypto Adoption Leaders
Hong Kong ranked second with 42.1 points on the index, attributed to a very tax-friendly economic environment and advanced digital infrastructure. The Hong Kong Monetary Authority (HKMA) has been actively working with digital assets through Project Ensemble, a platform for researching interbank settlements using central bank digital currencies and real asset tokenization. The UAE came third with a score of 41.8, noted for its favorable tax policies, innovative environment, and high levels of crypto ownership among the population, supported by an active startup scene.
Increase in Crypto Investors' Wealth
Along with the crypto adoption index, Henley & Partners also released The Crypto Wealth Report 2024. The report projects that the number of people worldwide holding crypto wealth above $1 million has surged by 95% since 2023, with over half including Bitcoin in their investments.
The report underscores the importance of regulation and economic conditions in crypto adoption as well as the increase in worldwide crypto wealth.
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