Photo by Kanchanara on Unsplash

SG emerges as 4th most crypto-ready market in the world

The Lion City is home to 800 crypto-based companies.

Singapore has been named the fourth most crypto-ready market by crypto tax software company, Recap.

According to Recap’s crypto readiness index, the Lion City is home to 800 crypto-based companies and has over 1,000 individuals working in crypto-based jobs. Over the past year, the city also had 11 crypto-based events.

Recap also reported that the ownership of crypto in Hong Kong is at 25%.

The index ranks markets based on eight criteria: the number of crypto workers and companies, crypto meet-ups, capital gains tax rate, R&D spend as a percentage of GDP, number of crypto ATMs, quality of life score, and ownership of crypto in each city.

Whilst Singapore is home to many crypto companies and jobs,  Daniel Howitt, co-founder and CEO at Recap, said the city “falls behind when it comes to R&D spend, number of crypto ATMs, and having an attractive regulatory environment.”

Based on the report, Hong Kong has zero crypto ATMs, whilst its R&D spend as a percentage of GDP was 0.28%.

“More investment in these areas could advance its position as a global crypto-hub,” Howitt said.

“As the tightening restrictions cause some companies to leave the city, it’ll be interesting to see how this impacts Singapore’s status as a crypto hub - will it be able to cement its place in the top 5 throughout this year?” Howitt added.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!