Singapore has burst on the scene as the haven for crypto tycoons, who are seeking tax-friendly and secure locales to guard their digital treasure, per findings of the recently issued Crypto Adoption Index by Henley & Partners. Singapore and the United Arab Emirates (UAE) have managed to earn commendations for their proactive tax stance on cryptocurrency-related endeavours, both scoring a striking 10 out of 10 for tax friendliness.
Around the globe, a significant 425 million people possess some form of digital currencies. Of the supposed 88,200 digital currency millionaires, almost 40,500 individuals hold their fortunes primarily in Bitcoin. Such impressive statistics have prompted an influx of traders, miners, investors, and entrepreneurs into the world of cryptocurrencies.
Dr. Juerg Steffen, the CEO of Henley & Partners, reports a substantial increase in inquiries from crypto millionaires in recent times. It seems these digital asset magnates are keen on protecting their holdings from interferential ban threats or potential fiscal policies targeting cryptocurrencies in their domestic regions. Noteworthy is the fact that there are 182 crypto centi-millionaires across the globe, individuals whose crypto troves surpass the $100 million mark. Of this exclusive club, 78 majorly invest in Bitcoin. Furthermore, six individuals globally now flaunt the coveted tag of crypto billionaires.
When discussing the ultimate guardian of crypto wealth, Singapore secures the top spot in the most favoured abode for crypto millionaires. With 50.2 out of 60 (or 83.76%), Singapore takes the lead, closely tailed by Switzerland (78.17%). The UAE secures the third position, with Hong Kong, Australia, the United Kingdom, Canada, Malta, and Malaysia completing the list of top ten crypto-friendly destinations.
Countries offering citizenship or residence through investment programs are appearing increasingly appealing to many. This arrangement lets digital currency investors secure residence rights or even citizenship, in return for hefty investments, which is an attractive offer for those looking to protect their assets in an ever-changing and unpredictable digital landscape. In this digital age, it’s certainly about survival of the smartest. It’s fascinating to see how the cryptocurrency boom is influencing global migration trends, offering new opportunities, albeit with a hint of scepticism, as we continue to tread uncharted waters.
Source: Cryptonews
