Singapore Leads Blockchain Race, Hong Kong and Estonia Follow
A new report ranks Singapore among the top countries in blockchain and crypto technology.
The study evaluated countries using a composite index based on blockchain patents, blockchain-related employment and the number of cryptocurrency exchanges. Each metric is weighted according to importance, and the final score is compared from 1 to 100.
Singapore leads the global race in blockchain and cryptocurrency technology
Singapore obtained The highest score was 85.4, highlighting its leading position in the field of blockchain innovation. The country has more than 2,400 blockchain-related jobs and 81 cryptocurrency exchanges, demonstrating its strong focus on workforce and infrastructure development.
Hong Kong follows The score is nearly 82.7. Its financial system seamlessly integrates blockchain, supports more than 1,100 blockchain-related efforts and hosts 52 cryptocurrency exchanges.
Estonia ranks third with 81.5 points, achieving an impressive result despite having a smaller population. produced by the country 95 blockchain patents, supporting 149 blockchain-related efforts, and maintaining 52 cryptocurrency exchanges.
Switzerland finished fourth with 80.2 points. It is a leader in decentralized finance, providing 440 blockchain-related jobs and hosting 32 cryptocurrency exchanges.
Surprisingly, the United States ranks fifth with 79.8 points. It has registered 32,000 patents and provides more than 17,000 blockchain-related jobs. In addition, there are 166 cryptocurrency exchanges operating in the United States, making it an important player in the global cryptocurrency field, but the pace of development is slowing down.
Developers in 2024 ReportElectrical Capital’s report sheds further light on why the United States appears to be slowing down in the global blockchain race. The report shows that the United States has lost 2% of its market share in the past five years, mainly in emerging markets such as India, Ukraine and Southeast Asia.
“Thank you for compiling and sharing this data. It once again highlights that the United States is struggling to keep up with innovation due to outdated regulations,” one user commented About the findings.
Canada, Australia and South Korea ranked sixth, seventh and eighth respectively. canada score 77.3, with 1,200 patents and jobs, reflecting its dedication to innovation. Australia has 1,400 patents and 573 blockchain jobs, with a score of 76.8. South Korea Produced 18,000 patents, ranking second globally with a score of 75.4.
The UK ranks ninth with a score of 74.9, offering 95 cryptocurrency exchanges and more than 2,600 blockchain-related jobs. The UAE rounds out the top 10 with a score of 73.2, holds 340 blockchain patents, and supports 414 jobs along with 9 cryptocurrency exchanges.
Emerging Blockchain Players
While established leaders like Singapore dominate the rankings, emerging markets are starting to show promise in blockchain innovation. African countries such as Nigeria and Kenya are using blockchain to address issues such as financial exclusion and supply chain inefficiencies.
Latin America is another region that is gaining traction when it comes to blockchain adoption. Countries such as Brazil and Argentina are exploring blockchain to enable transparent governance, digital identities and stablecoins to combat economic instability. These countries are promoting innovation through regulatory sandboxes and pilot projects, which may see them move up the rankings in future studies.
In addition to Singapore, Southeast Asia is also making great progress. Vietnam and the Philippines are adopting blockchain for remittances and decentralized finance, Driven by strong technology adoption and high cryptocurrency usage.
Countries that invest in talent, infrastructure and regulation are shaping the future of digital innovation and transforming global industries. A spokesperson for ApeX emphasized the importance of leading companies in the blockchain space in encouraging more countries to follow suit, saying:
“These leading countries are not only embracing this technology, but are actively shaping its future. Their efforts reflect the global shift towards decentralization and transparency,” an ApeX spokesperson told BeInCrypto.
As these countries continue to invest in infrastructure, workforce development, and regulatory clarity, the cryptocurrency space will continue to evolve. The potential of blockchain technology to reshape industries ensures that the race is far from over and new leaders are likely to emerge in the coming years.
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