Key Takeaways
- Singapore leads the pack as the world’s most ‘business-friendly’ crypto country.
- Singapore leads on several parameters – the overall number of crypto firms, fundraising ($374 million), and venture capital presence.
- US is not even in top three countries.
- Bitcoin-adopters El Salvador and the Central African Republic are in the lower half of the rankings table.
Singapore has emerged as the most ‘business-friendly’ crypto country, according to The business friendly ranking report from Coincub, a global crypto country ranking provider.
Coincub said in a press release: “On a comprehensive number of business ranking categories, Singapore leads the pack as the world’s most ‘business-friendly’ crypto country.”
The island nation scores highly on the proportional number of crypto firms, the overall number of crypto firms, fundraising ($374 million), and venture capital presence, as per the report.
Interestingly, US is not even in top three countries. In the top five ‘business friendly’ crypto rankings, Singapore is followed by the UK, the Cayman Islands, Hong Kong and the USA at two, three, four and five respectively.
The full rankings show a diverse range of countries all speeding ahead with their crypto economies notably, Switzerland, Estonia, Australia, Norway, Germany, France and Canada all of which sit comfortably in the top twenty.
Languishing in the rankings, unsurprisingly, are countries such as Russia and China which have implemented full or partial bans on cryptocurrency dealings. Uzbekistan and Kazakhstan are even lower as both are predominantly Bitcoin mining countries rather than fully developed crypto economies.
The report also finds that both El Salvador and the Central African Republic which raised eyebrows a year ago when they declared Bitcoin as legal tender have not yet profited from the decision and sit in the lower half of the rankings table.
The business-friendly ranking report from Coincub is the first in a planned two-monthly series, each carrying a different set of analyses on the crypto community worldwide. The reports are aimed at financial professionals, journalists, investors and casual crypto enthusiasts.
The Coincub bi-monthly crypto report is different from the company’s widely acknowledged quarterly ‘country rankings’ that take a wider, socio-economic perspective of the growth of crypto and blockchain across the world.
In the recent Q3 2022 Crypto Country ranking, for example, Germany narrowly came top with Switzerland second, thanks to its progressive crypto policies generally and zero tax on long-term crypto investment savings.
Singapore is highly ambitious to become a global crypto hub. The island country intends to foster an adoption-driven, pro-crypto environment on the island country at a time when the crypto-space is seeing a rapid worldwide expansion.
The Monetary Authority of Singapore’s (MAS) managing director, Ravi Menon, recently expressed relief that Singapore remained open-minded about the cryptocurrency industry before many other nations. Menon said cryptocurrencies are objects for investment in the potential future even if it is unclear how the future of cryptocurrencies would play out. Currently, it is acceptable to hold and trade cryptocurrencies in Singapore.
The Singaporean regulator encouraged other governments to enter the bitcoin and crypto industry and expressed interest in further developing cryptocurrency and blockchain technology.
“We think the best approach is not to clamp down or ban these things. But not to get into this game, I think risks Singapore being left behind. Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks,” Menon said in a recent interview with Bloomberg.
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