Singapore named 4th most crypto-friendly city in the world

According to a report published on April 24 by advisory firm Multipolitan, Singapore achieved a crypto-friendly index score of 168, placing it just behind Ljubljana (Slovenia), Hong Kong (China), and Zurich (Switzerland).

The city-state's strong ranking is attributed to its clear regulatory frameworks and appealing tax policies, notably its Payment Services Act, which offers comprehensive regulations for payment systems and service providers.

Singapore ranks second worldwide in terms of crypto ownership rates, trailing only the UAE. The concentration of crypto wealth is also impressive, with each crypto owner in Singapore holding assets worth an average of $85,536, placing the economy fifth globally in the report.

Singapore's strong performance in the crypto-friendly rankings aligns with its high position in the 2024 Smart City Index by the International Institute for Management Development (IMD). This correlation underscores that cities supportive of crypto innovation also excel in technology and infrastructure.

The report further predicts Singapore's prominence in the crypto sector will continue to rise, driven by the migration of crypto wealth from heavily regulated markets. Notably, India, which boasts the highest number of crypto owners worldwide, has witnessed a significant shift of its crypto platforms toward more accommodating markets, including Singapore.