Posted: December 18, 2024

• Singapore ranked first in the global crypto adoption report by Henley Global
• Over 40% of Singaporean investors own crypto and expect mainstream adoption

Singapore has topped global crypto adoption, beating the United States, UAE and Hong Kong, according to a report by consulting firm Henley Global.

The Asian country ranked highest on the crypto adoption index, thanks to its tax-friendly and clear regulatory environment in the digital asset industry. 

Part of the Henley report read, 

“Singapore leads in the deployment of a financial, business, and regulatory environment that fosters crypto adoption due to its supportive banking system, significant investment, comprehensive regulations such as the Payment Services Act, regulatory sandboxes, and alignment with global standards.”

Singapore’s crypto journey

In an early 2024 report, a survey by the exchange Independent Reserve established that 40% of investors in Singapore own crypto. Additionally, the survey suggested that over half of the population expected crypto to be mainstream. 

However, Singapore’s remarkable crypto infrastructure and regulatory environment were tested and perfected during the 2022 crypto winter. 

According to a Bloomberg report, the bear phase, which began with Singapore-based Tera Luna collapse and escalated to the FTX implosion, affected even state-linked entities. In response, the regulator, the Monetary Authority of Singapore, has adopted a proactive and careful approach to balance consumer protection and innovation. 

Now, nearly 30 firms have been licensed by the regulator, including Coinbase, Ripple, OKX and Revolut. 

In light of the upcoming pro-crypto Trump administration and overall optimism in the space, Singapore’s digital asset industry could benefit more.