Langgampos.com - Singapore has secured the top spot as the leading country in global cryptocurrency adoption, according to the latest research by Henley & Partner Investment Consultancy. The "Henley Crypto Adoption Index" ranks Singapore first, followed by Hong Kong and the United Arab Emirates (UAE) in second and third places, respectively.
The research, conducted between July and August 2024, evaluated 24 countries based on various criteria, including public adoption, infrastructure, innovation and technology, regulatory environment, economic factors, and tax policies. Singapore achieved a score of 45.6 out of 60 points, solidifying its position as a global leader in cryptocurrency adoption.
The research, conducted between July and August 2024, evaluated 24 countries based on various criteria, including public adoption, infrastructure, innovation and technology, regulatory environment, economic factors, and tax policies. Singapore achieved a score of 45.6 out of 60 points, solidifying its position as a global leader in cryptocurrency adoption.
Singapore's success is attributed to its robust economic environment and clear cryptocurrency regulations. The Payment Services Act and oversight from the Monetary Authority of Singapore (MAS) have created a supportive ecosystem for cryptocurrency usage, particularly Bitcoin. Regulatory initiatives like Project Orchid and Project Guardian have further integrated blockchain technology into the banking system. For example, DBS Bank in Singapore has utilized blockchain-based tokens to distribute government grants, marking a significant step forward in digital financial innovation.
Hong Kong, with a score of 41.2 points, closely follows Singapore. The city is known for its strong economic policies and crypto-friendly tax environment. During the Foresight 2024 Annual Summit on August 12, Hong Kong announced plans to tighten digital asset regulations over the next 18 months. This move is expected to strengthen Hong Kong's position as a crypto hub in Asia, boosting digital currency adoption in the region.
Hong Kong, with a score of 41.2 points, closely follows Singapore. The city is known for its strong economic policies and crypto-friendly tax environment. During the Foresight 2024 Annual Summit on August 12, Hong Kong announced plans to tighten digital asset regulations over the next 18 months. This move is expected to strengthen Hong Kong's position as a crypto hub in Asia, boosting digital currency adoption in the region.
The UAE ranks third with a score of 41.8 points. The UAE is recognized as a major supporter of cryptocurrency and the development of startups in this sector. Recently, on August 16, a Dubai court approved the use of cryptocurrency for salary payments. This decision has received positive feedback, as it is expected to encourage more businesses to adopt cryptocurrency in domestic transactions.
With Singapore, Hong Kong, and the UAE leading the rankings, these three nations demonstrate a strong commitment to digital innovation and cryptocurrency adoption, further solidifying their positions in the global economic landscape.
With Singapore, Hong Kong, and the UAE leading the rankings, these three nations demonstrate a strong commitment to digital innovation and cryptocurrency adoption, further solidifying their positions in the global economic landscape.
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