A new international index, courtesy of Henleyglobal[1], assessing the growth of cryptocurrency ecosystems places Singapore at the top, reflecting the city-state’s continued role as a hub for digital assets. The ranking measures 29 jurisdictions based on six categories, including adoption, infrastructure, innovation, regulation, economic conditions, and tax treatment.
Singapore achieved the highest overall score of 48.4 out of 60, performing strongly in innovation with 9.4 points, and maintaining high marks across taxation, regulation, and economic readiness. Its infrastructure score, at 6.8, was lower than some rivals, but this was balanced by consistently strong performance in other areas.
Hong Kong and the United States Close Behind
Hong Kong secured second place with a total score of 45.7, boosted by a leading infrastructure rating of 8.2 and a tax-friendliness score of 9.0, one of the highest in the index. Public engagement, however, was weaker at 5.1, showing limited uptake among the wider population despite strong institutional support.
The United States ranked third with 43.4 points, reflecting widespread public adoption at 7.7 and a high innovation score of 8.6, supported by its start-up ecosystem and government-backed initiatives. Its relatively low tax rating, 5.9, dragged down the overall total.
Europe and the Middle East in the Mix
Switzerland came in fourth with 43.1 points, continuing its role as a financial hub with balanced scores across infrastructure, regulation, and taxation. The United Arab Emirates followed closely at 42.9, standing out with the maximum score of 10.0 for tax-friendliness, although its infrastructure score of 3.4 showed that the domestic ecosystem for day-to-day use remains limited compared to its policy appeal.
Malta and the United Kingdom also placed in the top ten, with 40.9 and 40.4 respectively. Both countries scored well on regulation and innovation, but showed less strength in infrastructure and tax treatment.
Asia-Pacific’s Expanding Role
Canada, Thailand, and Australia rounded out the top ten. Canada, at 39.6, had a high economic factor score of 8.5, reflecting strong connectivity and financial inclusion. Thailand ranked ninth with 37.1, notable for its regulatory score of 7.4, one of the strongest among emerging economies. Australia followed with 36.0, performing evenly but with weaker results in tax and infrastructure.
Several smaller jurisdictions scored surprisingly high in niche areas. Cyprus, for instance, ranked eleventh overall with 35.2, helped by strong tax advantages, while Monaco, despite low public adoption at 2.7, achieved a maximum tax score of 10.0 and strong infrastructure at 7.6.
Mixed Results in Emerging Economies
Further down the index, Malaysia, Austria, Italy, and Portugal all scored between 31 and 34 points, showing partial progress but lacking balance across the six measures. Mauritius and Antigua and Barbuda, both known for offering tax advantages, also appeared in the top 20 with scores of 30.2 and 29.9, though weak innovation and infrastructure limited their performance.
Notably, El Salvador, despite making headlines for adopting Bitcoin as legal tender, ranked only 21st with 26.7 points. While it had relatively strong infrastructure at 6.6, its regulatory environment and broader economic conditions were rated significantly lower.
Lower Scores Across Latin America and Southern Europe
The bottom of the ranking included several Latin American and southern European countries. St. Kitts and Nevis, Türkiye, Latvia, Panama, and Grenada all fell below 30 points, largely due to limited infrastructure, inconsistent regulation, or restrictive taxation. Costa Rica, Uruguay, and Greece also scored in the lower range.
Uruguay’s 20.4 and Costa Rica’s 20.1 were the lowest totals, reflecting modest adoption and weak innovation indicators, despite moderate economic conditions.
Global Trends in Adoption
The index highlights a clear divide between global financial hubs with supportive regulation and tax frameworks, and countries with limited infrastructure but strong economic potential. Singapore and Hong Kong illustrate how clear regulation and favorable taxation can push countries to the top, while nations like El Salvador demonstrate that symbolic policy moves, such as making Bitcoin legal tender, are not enough to secure broad adoption without a stronger ecosystem.
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| Country | TOTAL | Public Adoption | Infrastructure Adoption | Innovation and Technology | Regulatory Environment | Economic Factors | Tax-Friendliness |
|---|---|---|---|---|---|---|---|
| Singapore | 48.4 | 7.2 | 6.8 | 9.4 | 7.6 | 8.9 | 8.5 |
| Hong Kong (SAR China) | 45.7 | 5.1 | 8.2 | 7.8 | 6.2 | 9.4 | 9 |
| USA | 43.4 | 7.7 | 6.6 | 8.6 | 6.2 | 8.4 | 5.9 |
| Switzerland | 43.1 | 6.8 | 7.1 | 6.6 | 6.3 | 8.7 | 7.6 |
| UAE | 42.9 | 7.6 | 3.4 | 7.5 | 5.8 | 8.6 | 10 |
| Malta | 40.9 | 7.4 | 6.1 | 4.2 | 7.1 | 8.2 | 7.9 |
| UK | 40.4 | 6.7 | 6.3 | 7.1 | 6.5 | 8.2 | 5.6 |
| Canada | 39.6 | 6.8 | 6 | 6 | 7 | 8.5 | 5.3 |
| Thailand | 37.1 | 6 | 4.7 | 3.6 | 7.4 | 8.8 | 6.6 |
| Australia | 36 | 6.2 | 4.6 | 5.7 | 7.6 | 7.6 | 4.3 |
| Cyprus | 35.2 | 7.1 | 3.4 | 3.1 | 6.2 | 7.5 | 7.9 |
| Luxembourg | 34.6 | 6.4 | 3.4 | 3.7 | 5.6 | 8.5 | 7 |
| Monaco | 34.4 | 2.7 | 7.6 | 2.5 | 3.7 | 7.9 | 10 |
| Malaysia | 33.8 | 5 | 2.4 | 3.9 | 6.5 | 7.8 | 8.2 |
| Austria | 33.6 | 5.4 | 4.5 | 5.2 | 5.4 | 8.1 | 5 |
| Italy | 31.7 | 4.8 | 4.5 | 4.9 | 4.8 | 7.7 | 5 |
| Portugal | 31.1 | 5.5 | 2.4 | 3 | 5.1 | 8.3 | 6.8 |
| Mauritius | 30.2 | 4.9 | 2.8 | 1.7 | 4.7 | 7 | 9.1 |
| Antigua and Barbuda | 29.9 | 5.2 | 1.9 | 1.6 | 7 | 5.7 | 8.5 |
| New Zealand | 29 | 5.2 | 3 | 1.2 | 4.8 | 8.5 | 6.3 |
| El Salvador | 26.7 | 3.8 | 6.6 | 2.7 | 4.3 | 4.5 | 4.8 |
| St. Kitts and Nevis | 25.7 | 4.7 | 1.2 | 2.2 | 4.9 | 4.4 | 8.3 |
| Türkiye | 25.2 | 6 | 3.1 | 3 | 6.3 | 5.9 | 0.9 |
| Latvia | 24.6 | 5.6 | 1.9 | 2 | 4.6 | 7.8 | 2.7 |
| Panama | 23.4 | 3.7 | 1.3 | 1.2 | 2.9 | 5.8 | 8.5 |
| Grenada | 22.8 | 4.2 | 0.9 | 1.3 | 5.6 | 6 | 4.8 |
| Greece | 22.2 | 4.6 | 1 | 1.9 | 4.7 | 7.2 | 2.8 |
| Uruguay | 20.4 | 3.7 | 0.7 | 1.6 | 3.6 | 7.3 | 3.5 |
| Costa Rica | 20.1 | 3.6 | 3.2 | 0.8 | 2.8 | 5.8 | 3.9 |
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• Survey Finds Platforms, Not Governments, Should Decide Online Rules[2]
• Families Lose Billions in Remittance Fees Every Year, Stablecoins Could Change That
[3]
References
- ^ Henleyglobal (www.henleyglobal.com)
- ^ Survey Finds Platforms, Not Governments, Should Decide Online Rules (www.digitalinformationworld.com)
- ^ Families Lose Billions in Remittance Fees Every Year, Stablecoins Could Change That (www.digitalinformationworld.com)