Cryptocurrency has been around for a while now, but its status as an evolving technological innovation has generated significant curiosity and wealth in recent years.
Henley & Partners, a consulting firm, recently published a Crypto Wealth Report, examining data on over 88,000 crypto-millionaires worldwide. The report also explores how over two dozens of countries are embracing and regulating Bitcoin and other digital currencies.
To determine the countries most receptive to cryptocurrency, Henley & Partners examined six key factors:
- Public acceptance
- Infrastructure assimilation
- Innovation and technology
- Regulatory climate
- Economic variables
- Tax affability
The Crypto Wealth Report ranked the world’s most crypto-friendly locations based on more than 750 data points across these six areas.
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Starting from the least to the most crypto-friendly countries:
- Malaysia
Malaysia’s Crypto Adoption Index score is 37.5 out of 60, with its high score in tax-friendliness (8.1 out of 10). Its tropical beaches and warm climate are part of its charm, along with My Second Home and Premium Visa programs aimed at attracting foreign investors. - Malta
Malta scored 38.9 out of 60 in the Crypto Adoption Index, with its highest score in innovation and technology (8.0 out of 10). As the first “Blockchain Island,” it boasts regulations accommodating both consumers and industry operators. - Canada
Canada, with a Crypto Adoption Index score of 40.4 out of 60, scored the highest in infrastructure adoption (9.3 out of 10). Although not completely regulated, it is striving to protect consumers with appropriate frameworks. - United Kingdom
The UK scored 42.7 out of 60 in the Crypto Adoption Index, topping in innovation and technology (10 out of 10). The country aims to facilitate a secure crypto market for investors, even exploring potential national cryptocurrencies. - Australia
Australia, one of the wealthiest nations globally, scored 43.1 out of 60 in the Crypto Adoption Index. Its top score was in infrastructure adoption (9.2 out of 10), and it is creating regulations supporting cryptocurrency usage for payments and investments. - United States
Scoring 44.3 out of 60 in the Crypto Adoption Index, the US ranked highest for infrastructure adoption (9.6 out of 10). Despite the lack of a unified regulatory approach, agencies are working to educate consumers about cryptocurrency. - Hong Kong
Hong Kong achieved a Crypto Adoption Index score of 45.6 out of 60, with its highest score in economic factors (9.1 out of 10). Known for its stable economy and favorable tax laws, it’s also considered a highly business-friendly city. - United Arab Emirates
The UAE scored 45.7 out of 60 in the Crypto Adoption Index, with tax-friendliness as its strong suit (10 out of 10). The first to regulate cryptocurrency purchases, It is an attractive place for investors and businesses. - Switzerland
Scoring 46.9 out of 60 in the Crypto Adoption Index, Switzerland’s highest score was in infrastructure adoption (9.2 out of 10). Its focus on technology and innovation has helped shape its crypto standards. - Singapore
Singapore topped the list with a Crypto Adoption Index score of 50.2 out of 60, and top marks in tax-friendliness (10 out of 10). With no capital gains tax and recent stablecoin regulations, it’s a leading country for cryptocurrency.