Out of all ‘business-friendly’ crypto nations in the world, Singapore has emerged top for cryptocurrency businesses, owning a high proportion of crypto firms with fundraising of over $370 million and a venture capital presence.
Top 5 ‘Business-Friendly’ Crypto Country Rankings
Coincub.com, a platform that offers bespoke information, guidance, and analysis on the workings of the crypto economy, has published a business-friendly ranking report.
In the report, a vast number of business ranking categories signifies Singapore’s position as the leading world’s most ‘business-friendly’ crypto country. Other countries such as the UK, the Cayman Islands, Hong Kong, and the USA were among the top five ‘business friendly’ crypto rankings.
The UK came in second position, the Cayman Islands in third, Hong Kong in fourth, and the USA in fifth position. Following that, the full rankings show a wide range of countries racing to be at the top as a crypto hub.
Other Countries Ranked in the Report
All of them, with their respective crypto economies notably Switzerland, Estonia, Australia, Norway, Germany, France, and Canada, were sitting in the top twenty rankings.
Countries such as Russia and China were also found in the ranking report fainting as a result of their implementation of full or partial bans on cryptocurrency dealings.
Bitcoin mining countries such as Uzbekistan and Kazakhstan were also found but in a lower position of the rankings, probably due to both countries’ focus on mining rather than fully developing and fixating on crypto economies.
El Salvador and the Central African Republic, which both recently declared Bitcoin as legal tender, were found in the lower half of the rankings table. Apparently, both countries’ decision to legalize Bitcoin is yet to be profitable.
Singapore as a Crypto Hub Nation
Notably, Singapore has always appeared to be one step ahead of every nation regarding crypto adoption. Though the country is yet to make moves on making Bitcoin a legal tender, it has been making moves on utilizing the DeFi industry to the fullest.
In May, The Monetary Authority of Singapore (MAS) first announced its plans to investigate potential use cases in the decentralized finance (DeFi) sector as a part of an effort by the city-state to establish itself as a leading DeFi hub after several key players in the crypto sector left.
The initiative came with collaboration with major banks, and earlier this month, after the plan disclosure, MAS finally launched its first pilot of the digital asset industry and DeFi.
Overall, Singapore has proved to be worthy of the top spot given in the rankings; recently, the MAS has been working with the financial industry to identify critical areas for partnership which include conducting industry pilots with financial institutions and FinTech in Singapore and other countries to identify good asset tokenization use cases for financial services.
