EQS-News: Switzerland and Singapore lead the ‘Global Web3 Index 2024,’ says Coincub.com – boerse.de

Press Release

Switzerland and Singapore lead the “Global Web3 Index 2024,” says Coincub.com

The Global Web3 Index PR

Dublin, Ireland – July 17, 2024 – Coincub, an award-winning platform for off-chain crypto analysis, is thrilled to announce the release of its “Global Web3 Index 2024.” This extensive report, powered by BYDFi, delves into the dynamic shifts, regulatory advancements, and strategic priorities shaping the global Web3 landscape.

Methodology

The “Global Web3 Index 2024” methodology involves collecting data from public sources and expert insights, evaluating 53 data points per country, across six dimensions: regulation (26.67%), taxation (20%), ecosystem (13.33%), population adoption (13.33%), talent (13.33%), and crypto financial services (13.33%). Scores are adjusted per capita or GDP to highlight countries excelling as crypto hubs. Regulation weight emphasizes the importance of clear and supportive frameworks, while taxation significantly impacts investor behavior by attracting businesses and encouraging long-term holding.

Key Web3 Developments in 2024

The year 2024 has been pivotal for the cryptocurrency sector, marked by several groundbreaking developments:

• Switzerland and Singapore Lead: Switzerland tops the index, followed by Singapore and the UAE.
• Crypto Job Market Recovery: The US and Asia rebound with significant job growth, while Europe, especially Germany, declines.
• Regulatory Advances: The US approves Bitcoin and Ethereum ETFs, the EU implements MiCA regulation.
• Favorable Tax Policies: The trend of zero tax rates on long-term Bitcoin holdings continues, as seen in Germany, Hong Kong, and Switzerland.
• Education and Talent: The US leads in blockchain courses, with smaller nations like Iceland and Cyprus excelling per capita.
• Crypto Financial Services: Switzerland leads with 34 crypto banks, the US follows with 25.

Switzerland (1st) has emerged as the top-performing country in the 2024 index, driven by its robust regulatory framework, favorable tax policies, and financial ecosystem. Key data points include a Regulation Score of 9.5, the highest globally, and a thriving crypto ecosystem with companies like Ethereum, Tezos, Cardano, or Bitcoin Swiss. The ecosystem is supported by world-class institutions like the University of Zurich’s Blockchain Research Center. The country has 34 crypto banks and six companies holding Bitcoin in their treasury. Additionally, Lugano has declared Bitcoin legal tender and started accepting Bitcoin and Tether for all municipal payments. Switzerland also operates the densest Bitcoin ATM network in the world, further enhancing its crypto infrastructure.

Singapore (2nd) is a global leader in cryptocurrency ownership per capita, with 24.4% of its population involved in crypto. This high participation is supported by a robust regulatory framework and favorable tax policies, making it an attractive destination for crypto enthusiasts and investors. The country also ranks highly in blockchain jobs, with 2,433 positions available as of June 2024. Additionally, Singapore is a top 3 destination for crypto exchanges, with 81 headquartered in the city-state.

Rising Stars in the Web3 Space This year, El Salvador (5th), Türkiye (7th), and Lithuania (10th) emerged as new players in the top 10 of the Web3 Index.

• Lithuania: A haven for VASPs with robust regulations, Lithuania boasts a high concentration of registered Virtual Asset Service Providers (VASPs) and a structured legal system overseen by the Financial Crime Investigation Service (FCIS).
• Türkiye: A rising star in the web3 index, driven by high adoption rates, a tech-savvy population, and progressive regulations.
• El Salvador: Continues to innovate with Bitcoin as legal tender, ranking first in Google searches for Bitcoin.

US Regulatory Challenges Stifle Growth The United States (4th) has experienced a decline in its ranking due to several contributing factors. The SEC’s regulation by enforcement approach has fostered a climate of uncertainty, resulting in numerous lawsuits against various projects and exchanges. Although the U.S. boasts a vast crypto ecosystem and significant profits, the sector remains a relatively minor part of the American economy. Last year’s declaration by some in the business community that “Crypto is dead in America,” combined with the negative sentiment and loss of confidence triggered by the FTX collapse, has further dampened enthusiasm and investor interest in the crypto market.

Germany: Economic Struggles and Job Losses Germany (8th), known for its robust regulatory environment and technological prowess, has declined due to economic struggles and significant job losses in the crypto sector. The broader economic stagnation in Europe, coupled with political instability and regulatory challenges, has impacted the growth of the crypto job market, despite its robust legal framework and efforts to integrate blockchain technologies.

The Impact of Regulatory Clarity: The implementation of the MiCA regulation in Europe and the launch of Bitcoin and Ethereum ETFs in the US represent significant milestones. These regulatory advancements are expected to provide a more secure and robust environment for crypto financial services, fostering greater investor confidence and market stability.

Michael Hung, BYDFi’s CMO, commented: “As we continue to witness the rapid evolution of the Web3 landscape, it is clear that robust regulatory frameworks and technological innovations are crucial for sustainable growth. At BYDFi, we are committed to driving transparency and efficiency in the crypto space, fostering an environment where both new and seasoned investors can thrive.”

Looking Ahead: Opportunities and Challenges: The crypto market is expected to see a bull run in 2025 due to the recent bitcoin halving. Regulations, tokenization of real-world assets, and institutional adoption will play a significant role in shaping the future of the Web3 landscape.

For comprehensive insights and to download the full “Global Web3 Index 2024” report, visit our website now.

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About Coincub Coincub is a trusted source for analysis and off-chain insights, recognized for its comprehensive crypto rankings and reports. Committed to advancing bitcoin adoption, Coincub provides valuable insights for investors, regulators, and businesses navigating the evolving landscape.

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