Singapore Replaces US as Leading Crypto Economy in Q4 2021

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There are several factors behind what makes a leading crypto economy, ranging from the availability of wallets and regulations to the number of Bitcoin nodes and crypto ATMs in a country. Coincub, a crypto exchange aggregator, recently released its latest ranking of crypto countries, which showed Singapore to have supplanted the United States as the main crypto economy in the last quarter of 2021.

Singapore is clearly a winner despite the large amount of data to be processed. AMB Crypto reports the details.

Singapore leads the way in key indicators

The Southeast Asian country topped metrics such as crypto banking activity, crypto spending, institutional acceptance, regulation, transparency, financial services, and availability of exchanges and wallets. According to Coincub, nearly 10% of the 5.6 million people who live in the country hold crypto. Their report states:

In order to maintain its competitive position, Singapore offers strong but clear legislative guidance with a low tax on crypto revenues combined with a progressive stance in the financial sector and strong adoption by the retail industry.

The other five main members are Australia, the United States, Germany and Canada. Last quarter’s winner, the United States, fell to third place due to regulatory crackdowns on crypto. Sweden, Portugal, Switzerland, El Salvador and Japan round out the top 10.

Losers

At the other end of the spectrum, we have countries like Nigeria, New Zealand, and Russia. China is at the bottom of the rankings, China because of its relentless bans and repression of crypto transactions.

The other side of the room ‘

According to the most recent data, Singapore had around ten Bitcoin ATMs. However, the exorbitant taxes of the city-state make mining quite unprofitable according to Coincub. A little over a month ago, the crypto exchange Huobi Group decided to establish a regional headquarters in Singapore, to add Lion City to its list of “restricted jurisdictions” shortly thereafter.

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It seems that Singapore will be the crypto hub of the future, but the question of accessibility to its population is still relevant. Additionally, Singapore lags woefully behind in accepting DeFi. The authors of the report said:

Decentralized finance is behind the rapid interest and growth of cryptocurrency and is based on blockchain technology. The central bank, the Monetary Authority of Singapore, is examining new financial sector regulations, including stricter standards for cryptocurrency service providers and more stringent technological risk management requirements at financial institutions.

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