Written By:
Iyiola Adrian

A recent research published by Henley & Partner Investment Consultancy shows that Singapore is topping the position as a world leader in countries adopting cryptocurrency.

This study “Henley Crypto Adoption Index” also reported that Hong Kong and U.A.E. are following suit, securing the second and third positions.

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The research was conducted between July and August 2024, assessing about 24 counties based on several criteria including public adoption, infrastructure adoption, innovation and technology, regulatory environment, economic factors, and tax friendliness. Singapore stood as the top performer, scoring 45.6 out of 60 points.

Singapore takes first in crypto adoption, followed by Hong Kong and UAE | Image Source: Henley & Partner

Singapore Ranked First Position

Singapore’s ranking is unsurprising given the country’s well-developed economic environment and clear regulatory use of cryptocurrency.

Also, the Payment Service Act and the Monetary Authority of Singapore (MAS), which oversees digital payment services, have created an environment that encourages Bitcoin adoption.

Recent regulatory projects like Project Orchid and Project Guardian have also improved the use of blockchain technology in the banking system. For instance, DBS bank has adopted blockchain-powered treasury tokens for government grants in the country.

Hong Kong Ranked Second

Hong Kong took the second position, scoring 41.2 points, just a few points behind Singapore. Similarly, the country has also been a haven for cryptocurrency adoption, considering its strong economy and good tax environment.

The country recently announced at the Foresight 2024 Annual Summit on Aug. 12 that it plans to improve its digital asset regulation over the next 18 months. With this, Hong Kong would further position itself as a hub for cryptocurrency, thereby increasing its adoption in the region.

UAE Ranked Third

The United Arab Emirates (UAE) followed behind Hong Kong with a score of 41.8. The government has been a great supporter of cryptocurrency and growing startups.

Recently, on Aug. 16, the Dubai court approved using cryptocurrency as a form of salary payment. The decision has seen good sentiment as it encourages more businesses to consider crypto for transactions within the country