Callback
Contact
+1 514 288 1997
A proprietary bench-marking tool that assesses crypto-friendly countries that host investment migration programs, based on their adoption and integration of cryptocurrencies and blockchain. Including 670+ data points, the index provides crypto investors with a comprehensive overview of the extent to which these countries are embracing this emerging technology. Read the methodology here.
The Henley Crypto Adoption Index 2024 is designed to assess and rank crypto-friendly countries that host investment migration programs based on their level of adoption and integration of cryptocurrencies and blockchain technology. Including over 670 data points within six main parameters comprising 16 sub-parameters and 24 indicators, the index provides a comprehensive overview of the extent to which these countries are embracing this emerging technology
The list of 23 countries featured in the Henley Crypto Adoption Index 2024 was derived through a thorough assessment of the regulatory, technological, economic and social elements necessary for the development of the blockchain ecosystem. Each has made significant progress in creating a supportive crypto environment, and all are recognized for some level of crypto-friendliness.
Key parameters
The six key parameters are public adoption, infrastructure adoption, innovation and technology, regulatory environment, economic factors, and tax-friendliness.
Public adoption
Public adoption measures the level of awareness, interest, and engagement with cryptocurrencies in the general population. It includes indicators such as the percentage of crypto users relative to the total population as well as the number of crypto owners in absolute terms, and Google search interest related to cryptocurrencies. Higher public adoption indicates a more crypto-friendly environment.
Key sources: Google Trends, TripleA
Infrastructure adoption
Infrastructure adoption assesses the technological foundations for crypto transactions and exchanges. This parameter includes the number of crypto ATMs, integration with local banks, the presence of digital asset exchanges, and the number of businesses accepting crypto as payment. A well-developed infrastructure supports smoother crypto adoption.
Key sources: Bitcoin.com Maps, Blockspot.io, Coin ATM Radar, CoinCodex, Coincub
Innovation and technology
The level of innovation and technology is a gauge of a country’s commitment to fostering advancement in the crypto space. This parameter considers government-backed initiatives, and the number of cryptocurrency-related startups. A dynamic innovation landscape can drive crypto adoption forward.
Key sources: Crunchbase, The EU Blockchain Observatory and Forum
Regulatory environment
The regulatory environment parameter evaluates a country’s legal framework for cryptocurrencies and blockchain technology. Sub-parameters here include the adoption of Initial Coin Offerings (ICOs) regulations, the legal status of cryptocurrency, the clarity and robustness of regulations, the development status of central-bank-backed digital currencies, and the availability of regulatory sandboxes. A supportive regulatory environment encourages growth.
Key sources: Atlantic Council, OECD, PwС
Economic factors
The economic factors parameter considers the stability and economic conditions of a country by evaluating the levels of financial inclusion, smartphone penetration, and internet penetration. Broadband speed was assessed based on Henley & Partners’ analysis of Speedtest Global Index™ data from 23 July 2024. Economic stability and technological accessibility contribute to a conducive environment for crypto adoption.
Key sources: SpeedTest Global Index™ data from 23 July 2024, World Bank
Tax-friendliness
The tax-friendliness parameter examines a country’s approach to taxing cryptocurrency-related activities. It includes aspects such as tax rates on crypto income and capital gains. Countries with the lowest taxation on crypto transactions and clear cryptocurrency tax policies score highest.
Key sources: EY, OECD Global Forum on Transparency and Exchange of Information for Tax Purposes
Please refer to the data sources section below for links.
We collected data for 28 countries that host investment migration programs from July to August 2024, using the latest available public information. This list included previously assessed countries and new additions reflecting current market trends.
We normalized numerical variables to a 0-1 scale, where 0 is the minimum value and 1 the maximum.
Categorical variables were assigned values between 0-1 based on their importance.
We then grouped indicators into thematic sub-parameters, calculated their scores by summing equally weighted indicators, and derived the six key parameter scores (each maximum 10) by summing equally weighted sub-parameters.
The total country score (maximum 60) combines these six parameters: public adoption, infrastructure adoption, innovation and technology, regulatory environment, economic factors, and tax-friendliness.
After scoring, we identified the top performers, resulting in 23 countries forming our Top 20 ranking due to three sets of ties. These 23 countries form the core of our Henley Crypto Adoption Index 2024 analysis.
Public adoption
The Public adoption score is calculated as the sum of the following indicators, equally weighted:
Share of Population Using Crypto: calculated as average of the country’s number of crypto owners in absolute terms and crypto owners relative to total population, in percentage. Source: TripleA
Public Interest: interest over time. Source: Google Trends
Infrastructure adoption
The Infrastructure adoption score is calculated as the sum of the following indicators, equally weighted:
Innovation and technology
The Innovation and technology score is calculated as the sum of the following indicators, equally weighted:
Regulatory environment
The Regulatory environment score is calculated as the sum of the following indicators, equally weighted:
Economic factors
The Economic factors score is calculated as the sum of the following indicators, equally weighted:
Tax-friendliness
The tax-friendliness score is calculated as the sum of the following indicators, equally weighted: Capital gains taxes and Income taxes. Sources: Asamblea Nacional de Panamá, Australian Taxation Office, Blockpit, CCN, EY, Financial Times, Freeman Law, Government of Canada, Government of the United Kingdom, Inland Revenue Board of Malaysia, IRS, Ministry of Finance - Republic of Cyprus, Ministry of Legal Affairs - Antigua and Barbuda, OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, Regulated United Europe, PwC, Simmons & Simmons, Wyden
© 2024 Henley & Partners. All rights reserved. The H&P monogram and Henley & Partners logo and related brand assets are the exclusively owned or licensed trademarks, service marks, and logos of Henley & Partners. All other trademarks, service marks, and logos used in this report are the trademarks, service marks, and logos of their respective owners. No part of this report may be reproduced in any form or by any means without the prior written permission of Henley & Partners. Although the material contained in this report was prepared based on information from public and private sources that Henley & Partners believes to be reliable, no representation, warranty, or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and Henley & Partners expressly disclaims any liability for the accuracy and completeness of information contained herein.
This report is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting, or investment advice. It should not form the basis of any decision. The information contained in this report is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service. Henley & Partners is not responsible for the content of websites and information resources that may be referenced in this report. The information contained in this report is believed to be accurate as of the date of publication, but is subject to change without notice. Henley & Partners does not have any obligation to provide revisions in the event of changed circumstances. Henley & Partners and its affiliates, employees, and agents shall not be liable for any liability or loss whatsoever, including but not limited to direct, indirect, special, incidental, or consequential damages, arising out of or in connection with the use or reliance on the information contained in this report. The information in this report is provided “as is” and Henley & Partners makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information contained in this report for any purpose.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
