Singapore comes top for cryptocurrency businesses in latest business report

On a comprehensive number of business ranking categories, Singapore leads the pack as the world's most 'business-friendly' crypto country. The ambitious island nation scores highly on the proportional number of crypto firms, the overall number of crypto firms, fundraising ($374 million), and venture capital presence.

In the top five 'business friendly' crypto rankings, Singapore is followed by the UK, the Cayman Islands, Hong Kong and the USA at two, three, four and five respectively.

The full rankings show a diverse range of countries all speeding ahead with their crypto economies notably, Switzerland, Estonia, Australia, Norway, Germany, France and Canada all of which sit comfortably in the top twenty.

Languishing in the rankings, unsurprisingly, are countries such as Russia and China which have implemented full or partial bans on cryptocurrency dealings. Uzbekistan and Kazakhstan are even lower as both are predominantly Bitcoin mining countries rather than fully developed crypto economies.

Both El Salvador and the Central African Republic raised eyebrows a year ago when they declared Bitcoin as legal tender but neither has yet profited from the decision and sit in the lower half of the rankings table.