Singapore is the global champion of blockchain technology based on a recent study of the world’s leading cryptocurrency jurisdictions spearheaded by ApeX Protocol, a multichain liquidity platform.
According to the study, which ranked 10 jurisdictions based on blockchain patents, jobs related to blockchain technology, and crypto exchanges based in the country, Singapore received top marks with a composite score of 85.4.
The study found that Singapore is home to 1,600 blockchain patents, 2,433 industry-related jobs, and 81 crypto exchanges. These are stellar numbers for a country with less than 6 million inhabitants.
The Chinese Special Administrative Region of Hong Kong came in second with a composite score of 82.7. Hong Kong stood out for its strong financial infrastructure enabling easy integration of blockchain technology and exchanges.
Another country punching above its weight is Estonia, with a composite score of 81.5. Despite being home to only 1.4 million people, Estonia holds an impressive 95 blockchain patents and is home to 52 crypto exchanges.
The other top countries for blockchain technology are Switzerland, the United States, Canada, Australia, South Korea, the United Kingdom, and the United Arab Emirates.
Related: 2024 in review: The UAE crypto legal chronicles
America officially enters the blockchain race
Despite significant regulatory hurdles, the United States is still considered a major crypto and blockchain hub by ApeX. Due to its sheer size, the country achieved the highest numbers across all key metrics.
The 32,000 blockchain patents, more than 17,000 jobs, and 166 crypto exchanges are impressive feats for an industry that experienced the brunt of Operation Chokepoint 2.0— a government initiative that law firm Cooper & Kirk described as a “regulatory overreach against the crypto industry.”
Arkansas Representative French Hill, who was appointed to lead the House Financial Services Committee next year, said Operation Chokepoint 2.0 allowed regulators to target US businesses and pressure banks to “sever ties with entire industries like crypto.”
Rep. Hill and others are confident that the US crypto industry will get back on track following the election of Donald Trump in November.
To support President-elect Trump’s mission to make America the ‘blockchain capital of the world,’ Rep. Hill said he would push for a crypto market structure bill in the first 100 days of the upcoming legislative session.
Meanwhile, Trump has already appointed pro-crypto Paul Atkins to chair the Securities and Exchange Commission (SEC) in January once current head Gary Gensler steps down.
The President-elect has also established a new policy adviser position on artificial intelligence and crypto, appointing former PayPal operating chief David Sacks to the role of “White House AI and crypto czar.”
Related: Trump appoints former college football player Bo Hines to head crypto council
