Singapore Leads Blockchain Race, Hong Kong and Estonia Follow

A new report has ranked Singapore as the top country in blockchain and crypto technology.

The study evaluated countries using a composite index based on blockchain patents, blockchain-related jobs, and the number of crypto exchanges. Each metric was weighted for significance, and final scores were scaled from 1 to 100 for comparison.

Singapore Leads the Global Race in Blockchain and Cryptocurrency Technology

Singapore achieved the highest score of 85.4, highlighting its leadership in blockchain innovation. The country has over 2,400 blockchain-related jobs and 81 crypto exchanges, showing its strong focus on workforce and infrastructure development.

Hong Kong followed closely with a score of 82.7. Its financial systems integrate blockchain seamlessly, supporting over 1,100 blockchain-related jobs and hosting 52 crypto exchanges.

Estonia ranked third with a score of 81.5, demonstrating impressive results despite its small population. The country produced 95 blockchain patents, supported 149 blockchain-related jobs, and maintained 52 crypto exchanges.

Switzerland secured fourth place with a score of 80.2. It leads in decentralized finance, offering 440 blockchain-related jobs and hosting 32 crypto exchanges.

Surprisingly, the United States ranked fifth with a score of 79.8. It registered 32,000 patents and offers over 17,000 blockchain-related jobs. Additionally, 166 crypto exchanges operate within the US, making it a significant but slowing player in the global crypto space.

A 2024 developer report from Electrical Capital provides further insight into why the US has seemingly slowed pace in the global blockchain race. The report reveals that the US has lost 2% of its market share over the last five years, primarily in emerging markets such as India, Ukraine, and South-East Asia.

“Thank you for compiling and sharing this data. It highlights once again that the United States is struggling to keep pace with innovation due to outdated regulations,” one user commented on the findings.

Canada, Australia, and South Korea ranked sixth, seventh, and eighth, respectively. Canada scored 77.3, with 1,200 patents and jobs, reflecting its dedication to innovation. Australia earned a score of 76.8 with 1,400 patents and 573 blockchain jobs. South Korea produced 18,000 patents, the second-highest globally, earning a score of 75.4.

The United Kingdom ranked ninth with a score of 74.9, offering 95 crypto exchanges and over 2,600 blockchain-related jobs. The UAE closed the top ten with a score of 73.2, producing 340 blockchain patents and hosting 414 jobs alongside nine crypto exchanges.

Emerging Blockchain Players

While established leaders like Singapore dominate the rankings, emerging markets are beginning to show promise in blockchain innovation. African nations like Nigeria and Kenya are leveraging blockchain to address issues such as financial exclusion and inefficient supply chains.

Latin America is another region gaining traction in blockchain adoption. Countries like Brazil and Argentina are exploring blockchain for transparent governance, digital identity, and stablecoins to combat economic instability. These nations are fostering innovation through regulatory sandboxes and pilot programs, which could see them climb the rankings in future studies.

Southeast Asia, beyond Singapore, is also making strides. Vietnam and the Philippines are embracing blockchain for remittances and decentralized finance, driven by strong tech adoption and high cryptocurrency usage rates.

Countries investing in talent, infrastructure, and regulation are shaping the future of digital innovation and transforming global industries. ApeX’s spokesperson highlighted the importance of leading players in blockchain in encouraging more nations to follow suit, stating:

“These leading countries are not only embracing the technology but are actively shaping its future. Their efforts reflect a global shift toward decentralization and transparency,” ApeX spokesperson told BeInCrypto.

As these nations continue to invest in infrastructure, workforce development, and regulatory clarity, the crypto space will evolve. Blockchain technology’s potential to reshape industries ensures that this race is far from over, with new leaders likely to emerge in the coming years.