Is Singapore the ‘Future’ of Cryptocurrency?

Singapore cryptocurrency

Irish FinTech startup CoinCub has released its cryptocurrency rankings for the fourth quarter of 2021, putting the nation of Singapore in the top spot.

Under the heading “The future is happening in Singapore,” CoinCub calls the country the most promising for crypto investors to live and work.

“The city-state’s robust economy, positive legislative environment, and high rate of cryptocurrency adoption are key factors that have contributed to its rise to #1,” the company says. “Singapore has leapfrogged the United States this year thanks to the latter’s uncertain regulatory environment and scaling back of initial coin offerings (ICOs).”

CoinCub notes that Singapore won the top spot thanks to a booming crypto economy and the fact that it is home to the second-highest percentage of crypto owners on the planet.

“That’s not to mention the clear government strategy and firm regulations that have been providing reassurance to crypto-shy investors,” the rankings said.

Read more: Monetary Authority Of Singapore Wants More Investigative Powers

As PYMNTS reported earlier this year, this is happening during a boom in investments in Singapore, which have risen from $20 million in 2014 to $1.1 billion in 2020, with figures expected to shoot up even more this year.

Meanwhile, the Monetary Authority of Singapore (MAS) is processing applications from companies seeking licenses to operate payment services and cryptocurrency exchanges.

See: No Plans to Ban Crypto in US – But Digital Dollar May Eventually Win Out

In the No. 2 spot on the list is Australia, which CoinCub notes has more than 500 BitCoin nodes, followed by the U.S. at No. 3.

The U.S. had previously occupied the top spot, but dropped after the government stepped up regulations on crypto. Some factors keep the country in the top three, however: America has 8% of the world’s crypto users, hosts thousands of Bitcoin ATMs and is home to Coinbase, the only crypto exchange listed on the stock market.

Looking beyond Singapore, the remainder of CoinCub’s top 10 includes Germany, Canada, Sweden, Portugal, Switzerland, El Salvador and Japan. China, meanwhile, dropped to the bottom of the ranking due to its ban on all cryptocurrency trading earlier this year.