Hong Kong tops Singapore as Asia’s most crypto-friendly city

It has ranked second globally in the Crypto Friendly Cities Index 2025 by Multipolitan.

Hong Kong has officially secured its place as one of the world’s leading crypto hubs, beating out several global financial centres, including Singapore and Abu Dhabi, to rank second in the newly released Crypto Friendly Cities Index 2025 by migration platform Multipolitan.

The report acknowledged the city’s ongoing efforts to establish itself as a crypto hub, emphasising market access, regulatory optimisation, and blockchain efficiency.

Do crypto-friendly cities hold bitcoin?

Whilst cryptocurrencies gain wider acceptance in the mainstream, it is not necessary for crypto-friendly cities to hold Bitcoin, whether as part of official reserves or otherwise. In fact, most governments behind these cities, such as Hong Kong, Singapore, and Abu Dhabi, focus on creating favourable conditions: supportive regulatory environments and advanced infrastructure, to attract businesses and individual investors rather than buying Bitcoin directly. 

At the moment, the United States holds the largest national Bitcoin reserve with 207,189 BTC, which, at the current BTC to USD rate, is valued at approximately US$20b (HK$155b); this is followed by China (194,000 BTC) and the United Kingdom (61,000 BTC).

Why Hong Kong ranked second in the Global Crypto Index

According to Multipolitan’s latest Crypto Friendly Cities Index, Hong Kong earned a total score of 172 points, placing it second out of 27 global cities, just behind Slovenia’s capital, Ljubljana, at 173 points. The top ten crypto-friendly cities are:

Multipolitan pre-selected these 27 cities based on criteria such as having a clear legal status for cryptocurrencies, strong economic growth enabling businesses to thrive, high-income classifications driven by both retail and institutional players, good quality of life to support sustainability, and being attractive locations where talent wants to settle. The index then assessed these cities across five key areas: regulatory environment, tax regime, wealth and quality of life, digital infrastructure, as well as crypto infrastructure.

Hong Kong performed notably well in crypto infrastructure, ranking third globally with 201 crypto ATMs and retail locations. Other than infrastructure, Hong Kong also stood out for crypto wealth concentration, with the average crypto holder in Hong Kong owning around US$97,500 in digital assets, ranking the city third globally.

Hong Kong has been steadily establishing itself as the cryptocurrency hub of Asia. Last year, the city launched the region’s first spot Bitcoin and Ethereum ETFs, becoming the second market to do so after the United States. According to Statista’s annual report, Hong Kong’s crypto revenues are projected to reach US$68.8m (HK$536.6m) in 2025.

Singapore and Abu Dhabi share the same score

Singapore and Abu Dhabi also secured top positions in the report, both ranking fifth globally with 168 points each.

With a remarkable user penetration rate of 55.9%, the highest amongst major Asian markets, Singapore continues to lead Southeast Asia’s cryptocurrency market and ecosystem, supported by a clear, friendly legal framework and extensive financial infrastructure.

Meanwhile, Abu Dhabi topped the global chart for internet speed at 398 Mbps, demonstrating that the capital of the United Arab Emirates is well-equipped for high-frequency trading and blockchain applications. Statista further forecasts that Abu Dhabi’s cryptocurrency market revenue will reach US$254.3m (HK$1.98b) in 2025.

It’s worth noting that both cities were also ranked top ten in the IMD 2024 Smart City Index, alongside Zurich, Oslo, and London, showing how crypto-friendly cities are also leaders in technology and infrastructure development.

Although other Asian cities like Tokyo, Seoul, and Mumbai are not listed in the report, the strong performances of Hong Kong, Singapore, and Abu Dhabi indicate Asia’s rising influence in the global crypto scene.