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Highlights
- A recent ranking has revealed Singapore as the leading crypto economy among all the nations for the last quarter of 2021.
- It topped on metrics like positive and crypto-friendly legislation, booming crypto economy, etc., to become the most promising place for crypto investors.
- China, on the other hand, due to its widespread ban on crypto trading and transactions, now ranks last on the list.
Be it new projects or new entrants coming in, the cryptocurrency market continues to expand in size. As a result, countries are increasingly showing interest to become more crypto-friendly to generate maximum profits and attract maximum investments.
Must Read: Why these 11 nations do not tax Bitcoin gains
In this regard, a publication titled ‘Global Crypto Ranking guide for Q4 2021’ released by a leading financial tech start-up, revealed Singapore bagging top spot in the category of the most prepared crypto nation.
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What were the ranking criteria?
The above-mentioned rankings are based on various parameters like government policy and regulations, tax laws, legal requirements, financial sector acceptance, etc.
The ranking also evaluates quantitative data such as Bitcoin ATMs, crypto ownership, and spending opportunities.
It showed Singapore was leading on all fronts to become a haven for crypto investors.
Why is Singapore leading the world's most dynamic crypto countries rankings?
This southeast Asian country moved from third to number one spot in 2021/Q4 as the most crypto-friendly nation, owing to its robust economy, bank crypto activity, and crypto spending.
It is noted that nearly 10% of its total population consisting of 5.6 million people, hold crypto assets.
Moreover, Bitcoin and other cryptocurrencies are recognised and accepted by the Singaporean government.
Also, its Central Bank and the Monetary Authority of Singapore regulate cryptocurrencies and exchanges and have laid down crypto-related laws and regulations for safeguarding interests of both its crypto investors as well as crypto-backed firms.
Further, the country boasts zero income tax, hence, crypto investors do not have to pay anything on profits made on crypto investments. This is one of the main reasons for the country's huge popularity among tech-savvy investors.
A look into rankings of other nations
Countries like Australia, the US, Germany, and Canada were listed among the other top five nations in terms of crypto friendliness.
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Other popular destinations for crypto investors are Portugal, Sweden, Switzerland, and Japan.
El Salvador, the first nation to accept Bitcoin as legal tender, has bagged ninth spot in the crypto ranking chart.
Related Read: The race to adopt Bitcoin: After El Salvador, who’s next?
It is pointed out that China, with its recent crackdown on crypto transactions and incessant bans, stood at the bottom of the said rankings.
Interesting Read: China intensifies crackdown on crypto mining industry
Bottom Line
Singapore is keen on embracing the latest innovations emerging in the crypto world and aims to tap enormous opportunities presented by this new-age investment.
