Singapore Is Most Crypto-Friendly Destination, Report Says

Singapore is the world’s most crypto-friendly place with flexible tax laws, high levels of adoption and offers of citizenship to foreigners, a new report says.

Switzerland ranked second, followed by the United Arab Emirates and Hong Kong, according to the Crypto Wealth Report compiled by London-based investment migration consultancy Henley & Partners.

The US was ranked fifth, followed by Australia, the UK, Canada, Malta and Malaysia.

Singapore Ties With UAE On Taxation

Singapore had a perfect score for taxation, as did the UAE, while Hong Kong, Monaco, and Mauritius were close behind on the metric.

The inaugural Crypto Wealth Report published by Henley & Partners indicates that the total market value of crypto is now a staggering USD 1,180 billion and there are 425 million individuals globally that own cryptocurrencies.https://t.co/8tG4Ay6loH#CryptoWealthReport #Crypto

— Henley & Partners (@HenleyPartners) September 5, 2023

Singapore and the UAE also took the lead on public adoption of crypto, measured by the level of awareness, interest, and engagement with digital currencies.

The US was ranked top for infrastructure adoption, a metric that assesses the technological foundations for digital currency transactions and exchanges.

22 Bitcoin Billionaires

The report estimates the world has just 22 people who hold more than $1 billion in Bitcoin and said there are 88,200 crypto millionaires.

The report pegs the number of crypto holders worldwide at 425 million.

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