Singapore was ranked first among the world nations for crypto adoption according to Crypto millionaires report released by Henley for 2023. Singapore and UAE were listed in second and third positions on the table.
Crypto To the Moon
The total market value of crypto is $1.2 trillion this market in 2023 has created 88,200 millionaires of which, half of those were 40,500 millionaires are bitcoin hodlers. said the report.
“From the moment Bitcoin was born in 2009, crypto was always going to become the most inevitable trade in 30 years.
Jeff Opdyke
Six of the world’s 22 crypto billionaires have amassed their fortunes from trading Bitcoin.
Top 5
- Singapore
- Switzerland
- United Arab Emirates.
- Hong Kong
- United States
Singapore
The government cooperates closely with all actors — banks, businesses, and the public — for the optimal development of the national crypto sector, and the city-state’s crypto taxes are beneficial to individuals and investors alike, with no capital gains taxes.
Switzerland
With a well-established crypto infrastructure, robust legal framework, and a reputation for privacy and security, Switzerland offers a unique blend of traditional financial strength and cutting-edge innovation, making it an attractive hub for wealth preservation and global mobility in the rapidly evolving world of cryptocurrencies. Switzerland does not charge any taxes on profits from crypto trading or investing. However, the country does have a wealth tax on investments, which is set by each individual canton.
United Arab Emirates
The UAE stands out as a leading jurisdiction for crypto investors, with its strong public adoption score evidencing a vibrant interest in the crypto ecosystem. The Middle Eastern powerhouse also offers favorable tax policies and a high level of economic stability.
About Crypto Adoption Index
The New Crypto Adoption Index is designed to assess and rate crypto-friendly investment migration host countries based on their level of adoption and integration of cryptocurrencies and blockchain technology. The index relies on a wide range of data sources, including the World Bank and official government statistics, and considers various factors that contribute to a country’s crypto ecosystem, providing a comprehensive overview of the extent to which they are embracing this emerging technology.
This first-of-its-kind report includes exclusive statistics on the number of crypto and Bitcoin millionaires and billionaires
said Henley & Partners in their press release
The Rankings were based on analysing crypto friendly factors such as:
- Public adoption
- Infrastructure adoption
- Innovation and technology
- Regulatory environment
- Economic factors
- Tax-friendliness
