- Singapore ranked first in global crypto adoption report by Henley Global
- More than 40% of Singaporean investors own cryptocurrencies and expect widespread adoption.
Singapore has dominated global crypto adoption, beating the United States, United Arab Emirates and Hong Kong, according to a report by consultancy Henley Global.
The Asian country ranks first in the crypto adoption index, thanks to its clear and tax-friendly regulatory environment in the digital assets sector.
Part of the Henley Report read,
“Singapore is a leader in deploying a financial, business and regulatory environment that promotes crypto adoption through its favorable banking system, significant investments, comprehensive regulations such as the Payment Services Act, its bac regulatory sands and its alignment with global standards.”
Singapore’s crypto journey
Early 2024 reporta survey by the Independent Reserve exchange established that 40% of investors in Singapore own cryptocurrencies. Additionally, the survey suggests that more than half of the population expects crypto to become mainstream.
However, Singapore’s remarkable crypto infrastructure and regulatory environment have been tested and perfected during the 2022 crypto winter.
According to a Bloomberg report, the bearish phase, which began with Singapore-based Tera Luna, collapse and escalated to the implosion of FTX, affecting even state-linked entities. In response, the regulator, the Monetary Authority of Singapore, has taken a proactive and cautious approach to balancing consumer protection and innovation.
Now almost 30 companies have been approved by the regulator, including Coinbase, Ripple, OKX and Revolut.
In light of the upcoming pro-crypto Trump administration and general optimism in the space, Singapore’s digital assets sector may benefit further.
