11 months ago
Singapore has emerged arsenic the planetary person successful crypto adoption owed to its progressive regulatory approach toward the industry, according to the Henley Crypto Adoption Index 2024.
The report, published by concern migration consultancy Henley & Partners, highlighted the city-state’s robust regulatory environment, innovation successful fiscal technology, and wide nationalist adoption arsenic cardinal factors propelling it to the apical of the list.
Asia leads apical 10
The survey evaluated 28 countries with concern migration programs, ranking them based connected criteria specified arsenic nationalist adoption, infrastructure, innovation and technology, regulatory environment, economical factors, and taxation friendliness.
Singapore secured the highest wide score, with 45.7 retired of 60 points. The study noted:
“Singapore fosters crypto adoption done a supportive banking system, important investment, and broad regulations.”
Among the country’s cardinal regulatory frameworks is the Payment Services Act, which governs services related to integer outgo token work providers.
Additionally, the Monetary Authority of Singapore (MAS) has led initiatives similar Project Orchid and Project Guardian, which person tested the benefits of tokenization and facilitated the adoption of blockchain exertion successful the fiscal sector.
Hong Kong ranked 2nd place, scoring 42.1 successful the scale contempt its comparatively caller pro-crypto pivot. The study said that the region’s economical factors and tax-friendliness, coupled with precocious integer infrastructure and important nationalist interest, are the superior drivers of crypto growth.
Like the Singaporean fiscal watchdog, the Hong Kong Monetary Authority (HKMA) has besides been progressive successful exploring integer plus opportunities. It precocious launched Project Ensemble to survey interbank settlements utilizing a cardinal slope integer currency (CBDC) and real-world plus tokenization.
The UAE ranked third, with a people of 41.8, astir tying with Hong Kong. The UAE surpassed some Singapore and Hong Kong successful tax-friendliness, and the study praised the country’s innovative situation and strong authorities support for the crypto sector.
The UAE’s thriving startup country and precocious levels of crypto ownership among the colonisation were besides cited arsenic contributing factors. Two different Asian countries — Malaysia and Thailand — were besides successful the apical 10 countries, ranked eighth and tenth, respectively.
Rounding retired the apical 5
The United States placed 4th successful the Henley Crypto Adoption Index, scoring 41.7 points, conscionable down the UAE. The study highlighted the US’s beardown show successful innovation and technology, driven by a vibrant fintech ecosystem and a precocious level of nationalist adoption.
However, the study noted that the US regulatory situation has been a “complex and sometimes challenging factor” for broader adoption. Despite this, the country’s technological advancements and economical power marque it a cardinal subordinate successful the planetary crypto landscape.
The United Kingdom rounded retired the apical 5 with 36.1 points. The UK was praised for its beardown regulatory situation and economical factors, which person been instrumental successful fostering a increasing crypto industry.
The state has seen a dependable summation successful some nationalist and organization involvement successful integer assets, with the authorities taking steps to make a favorable clime for crypto businesses done wide regulations and enactment for innovation.
The station Asia leads successful planetary crypto adoption owed to progressive regulatory approach appeared archetypal connected CryptoSlate.
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