Singapore leads global crypto adoption in 2024 Henley Index

Singapore has been ranked first globally for cryptocurrency adoption, according to the Henley Crypto Adoption Index 2024 by Henley & Partners.

The report highlights Singapore's strong regulatory framework, advanced fintech ecosystem, and widespread public adoption as key reasons for its top position.

The index evaluates 28 countries based on various factors, including public adoption, infrastructure, innovation, regulatory environment, economic conditions, and tax friendliness.

Hong Kong follows closely in second place, driven by its tax-friendly environment and advanced digital infrastructure.

Key initiatives in Hong Kong, such as the Payment Services Act and projects by the Monetary Authority of Singapore (MAS) like Project Orchid and Project Guardian, have promoted blockchain integration and tested the benefits of tokenisation in finance.

The UAE secures third place with a score of 41.8, just slightly behind Hong Kong's 42.1 points, thanks to favorable tax policies, an innovative environment, and government support for crypto adoption.

The UAE’s vibrant startup scene and high levels of crypto ownership among its population further bolster its position as a leader in cryptocurrency adoption.

Alongside the adoption index, Henley & Partners released The Crypto Wealth Report 2024, which shows a 95% increase in the number of people globally holding over $1 million in crypto wealth since 2023.

The report notes that more than half of these crypto millionaires include Bitcoin (CRYPTO:BTC) as part of their investment portfolios.

At the time of reporting, Bitcoin price was $58,362.40.