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Runner-up of Most Crypto-Friendly Country May Come as a Surprise to Some

2 mins
Updated by Geraint Price
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In Brief

  • Singapore topped the list as the most business-friendly country for crypto companies.
  • Despite skepticism from the U.K.’s financial authorities, the country’s current leadership want to make it a crypto hub.
  • Meanwhile, El Salvador ranked low on the list, as its bet on Bitcoin has yet to pay off.
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Singapore has unsurprisingly topped recent rankings for the most business-friendly country for cryptocurrencies, but the U.K. has come a notable second.

A global financial hub, Singapore also leads in several business ranking categories for cryptocurrencies, according to a report by Coincub. 

For instance, it tops the charts for both the overall amount and proportional number of crypto firms. It managed this by registering crypto companies, such as Coinbase, and enabling established firms, like SBI, to offer crypto services.

According to the report, Singapore also retains the highest presence of venture capital firms investing in crypto companies. No doubt, this has also contributed to the financial hub additionally leading in crypto firm fundraising, at $374 million.

U.K. the Runner-Up

At first glance, the United Kingdom may not seem like the ideal place for crypto businesses. Over the past few years, the country’s financial authorities have repeatedly spoken negatively of digital assets. 

The Financial Conduct Authority issued warnings against crypto exchanges like Binance and banned certain crypto ads. Recently, the Bank of England called for a comprehensive regulatory regime for cryptocurrencies following the collapse of FTX.

However, the recent appointment of Rishi Sunak as Prime Minister seems to have assured crypto enthusiasts. While serving as Chancellor of the Exchequer Sunak expressed a desire to establish the UK as a global crypto hub. Now, with Sunak leading the country, Coincub sees great potential for the country to realize this ambition.

Report Highlights

The report emphasized that this business-friendly ranking differs from Coincub’s quarterly rankings, which are topped by Germany and Switzerland. It said that these rankings, “take a wider, socio-economic perspective of the growth of crypto and blockchain across the world.”

For instance, it said Germany narrowly beat out Switzerland due to its progressive policy towards crypto investments rather than companies.

While the Cayman Islands, Hong Kong, and the US round out the top five in business-friendly rankings, Germany and Switzerland still remain among the top 20. Other countries Coincub ranked this highly include Estonia, Australia, Norway, France and Canada. 

While some countries among the lower half of the ranking come as no surprise, others don’t seem like natural choices. For example, El Salvador and the Central African Republic both made Bitcoin legal tender last year. Yet, a lack of profit from the decision has prompted their designation among the lower tier.

Meanwhile, China and Russia were clearer choices for the lower end of the rankings, as well as Uzbekistan and Kazakhstan. While the former countries have implemented bans on crypto transactions, the latter mining hubs lack the development of true crypto economies.

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Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
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