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.