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Singapore is the favorite place for rich people who use cryptocurrency. They like it because it’s safe and doesn’t tax them much. A report by Henley & Partners says there are around 88,200 crypto millionaires worldwide.
Nearly half of them, about 40,500, have most of their money in Bitcoin.
Singapore Leads as the Most Welcoming Destination for Crypto Investors
A lot of people, about 425 million, own some form of cryptocurrency around the world. Henley & Partners’ CEO, Dr. Juerg Steffen, noticed that many rich crypto people are asking about how to protect their money.
They worry that their home countries might stop them from using cryptocurrency or tax them a lot.
The report also talks about really rich people in the crypto world. There are 182 crypto centi-millionaires with over $100 million in crypto. Out of these, 78 have a lot of Bitcoin.
And six people have even more money from different cryptocurrencies, but we don’t know their names.
Singapore is the top choice for crypto millionaires to keep their money safe from strict rules. It scored 83.76% out of 100. Switzerland and the UAE are next on the list.These countries, along with Hong Kong, Australia, the United Kingdom, Canada, Malta, and Malaysia, are the best for crypto.
The report also says that some countries let crypto investors become residents or citizens if they invest a lot of money.
Here are some reasons why Singapore is considered a crypto-friendly country:
- Singapore’s Monetary Authority of Singapore (MAS) licenses and regulates exchanges as outlined in the Payment Services Act (PSA)1.
- A positive legislative environment and high rate of cryptocurrency adoption.
- Long-term capital gains are not taxed in Singapore, making it an attractive destination for investors.
- Singapore is utilizing blockchain technology in many areas of its economy, becoming a crypto haven for many.
- Singapore has emerged as a global cryptocurrency hub due to its favorable regulatory and tax infrastructure.
However, it is important to note that Singapore is also working on new regulations that would make it more difficult for retail investors to trade cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. The Monetary Authority of Singapore is working on “adding frictions” on retail access to cryptocurrencies. Despite this, Singapore remains a crypto-friendly country and is among the first to agree to stablecoin crypto regulation.