Singapore has emerged as the top choice for crypto millionaires seeking secure and tax-friendly havens to safeguard their digital assets, as per the recently published Crypto Adoption Index by Henley & Partners.
Both Singapore and the United Arab Emirates (UAE) have earned recognition for their progressive approach to taxing cryptocurrency-related activities, achieving a perfect score of 10 out of 10 in the tax-friendliness parameter.
According to the Crypto Wealth Report, also compiled by Henley & Partners, there are approximately 88,200 crypto millionaires worldwide, with nearly half of them—around 40,500 individuals—holding their wealth predominantly in Bitcoin.
The report estimates that an astonishing 425 million people globally possess some form of cryptocurrencies.
As the cryptocurrency industry continues to gain momentum, traders, miners, investors, and entrepreneurs are increasingly exploring investment migration strategies to safeguard their interests.
High Net Worth Individuals in Crypto Seeking Asset Protection
Dr. Juerg Steffen, CEO of Henley & Partners, has observed a remarkable upswing in inquiries from crypto millionaires over the past few months.
These individuals are seeking to protect their assets in anticipation of potential bans on cryptocurrency trading or usage in their home countries and to mitigate risks arising from aggressive fiscal policies targeting digital assets.
Within the realm of the global super-wealthy, the report identifies 182 crypto centi-millionaires, individuals whose crypto holdings surpass the $100 million mark.
Among this group, 78 are notable Bitcoin investors. Furthermore, there are six individuals globally who have attained the prestigious status of crypto billionaires, amassing their wealth through various digital assets.
However, the report refrains from disclosing the identities of these crypto billionaires.
Crypto Millionaires Favor Singapore as the Safest Choice
Singapore takes the top spot among crypto millionaires seeking to protect their crypto assets from adverse regulations.
With a robust score of 50.2 out of 60, translating to 83.76%, Singapore leads the pack, closely trailed by Switzerland with a score of 78.17%. The UAE secures the third position with a score of 76.17%.
These countries, along with Hong Kong, Australia, the United Kingdom, Canada, Malta, and Malaysia, constitute the top ten crypto-friendly destinations.
The report also underscores the attractiveness of nations offering residence and citizenship through investment programs, as these options allow cryptocurrency investors to secure residency rights or citizenship in exchange for substantial investments.
