Singapore has secured the highest spot globally in crypto adoption this yr, due to excessive scores in expertise and regulatory setting, in response to a latest research.
The nation scores 9.5 over 10 in innovation and expertise, 9.1 in financial elements, and eight.3 in regulatory setting, in response to the Henley Crypto Adoption Index 2024 by British funding migration consultancy Henley and Companions.
Three different parameters that the corporate used to rank the extent of crypto-friendliness amongst nations and territories have been infrastructure adoption, public adoption and tax-friendliness.
Hong Kong (China) got here second with the best rating in financial elements, 9.8.
It was adopted by the United Arab Emirates, the U.S. and the U.Ok.
Henly mentioned that it studied crypto-friendly nations that host funding migration packages, primarily based on their adoption and integration of cryptocurrencies and blockchain.
Its index offers crypto buyers with a complete overview of the extent to which these nations are embracing this rising expertise.
In one other research, Henley discovered that the variety of people holding greater than US$1 million in cryptocurrency property worldwide has doubled over the previous yr, reaching 172,300 as of June-end.
There are actually 28 crypto billionaires on the planet, it added.
In one other report launched earlier this yr, crypto fee agency Triple-A mentioned that Singapore boasts one of many highest crypto possession charges globally.
Round 24.4% of its inhabitants personal crypto property, in comparison with the worldwide common of 6.8%.
Bitcoin, the main crypto, surged to a brand new peak of over $73,000 in March and is now hovering round $59,000.
