Singapore has achieved the highest ranking in the 2024 Henley Crypto Adoption Index as a result of its robust regulatory framework.
The Henley Crypto Adoption Index 2024 identified Singapore’s robust regulatory framework, mature fintech ecosystem, and widespread public adoption as the foundations of its dominant position.
The report assessed the public adoption, infrastructure, innovation, regulatory environment, economic factors, and tax friendliness of investment migration programs in 28 countries.
The United Arab Emirates ranked third, with Hong Kong in second position. The Payment Services Act and initiatives at the Monetary Authority of Singapore, including Project Orchid and Project Guardian, would serve as catalysts for the adoption of crypto in the city. They have assisted in the evaluation of the advantages of tokenization and the promotion of the integration of blockchain technology into the financial sector.
Hong Kong secured the second position on the index with 42.1 points. The Henley Crypto Adoption Index report primarily attributed the region’s high position to its sophisticated digital infrastructure and tax-friendly economic environment. The HKMA has been quite active in the field of digital assets, presenting Project Ensemble, a platform for the research of interbank settlements using central bank digital currencies and real-world asset tokenization.
The UAE is ranked third in the Henley Crypto Adoption Index report, with a score of 41.8, just a hair’s margin behind Hong Kong. The government’s highly supportive policies regarding tax policies and innovative environments were also noted as contributing to the adoption of crypto. This concludes the agreement with the UAE’s thriving startup environment and the high prevalence of cryptocurrency ownership among its populace.
In addition to the adoption of crypto, Henley & Partners also published The Crypto Wealth Report 2024. The number of individuals worldwide who possess crypto wealth exceeding $1 million has increased by 95% since 2023, according to the projection. More than half of them incorporate Bitcoin into their portfolios.
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