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Singapore Comes Top for Cryptocurrency Businesses in Latest Business Report, Says

Singapore Comes Top for Cryptocurrency Businesses in Latest Business Report, Says

On a comprehensive number of business ranking categories, Singapore leads the pack as the world’s most ‘business-friendly’ crypto country. The ambitious island nation scores highly on the proportional number of crypto firms, the overall number of crypto firms, fundraising ($374 million), and venture capital presence.

The Coincub Crypto Business Ranking Map
The Coincub Crypto Business Ranking Map

In the top five ‘business friendly’ crypto rankings, Singapore is followed by the UK, the Cayman IslandsHong Kong and the USA at two, three, four and five respectively.

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The full rankings show a diverse range of countries all speeding ahead with their crypto economies notably, SwitzerlandEstoniaAustraliaNorwayGermanyFrance 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.

Both El Salvador and the Central African Republic raised eyebrows a year ago when they declared Bitcoin as legal tender but neither has yet profited from the decision and sit in the lower half of the rankings table.

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About the report

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.

Nb – 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.

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