Crypto: The 2026 Ranking of the 36 Most Favorable Countries for Adoption

The more things change, the more they stay the same. Henley & Partners has just published the third edition of its Crypto Adoption Index. This ranking evaluates 36 countries based on how welcoming they are to cryptocurrencies. The firm had already crowned the same crypto-friendly countries last year, using a method built on the same foundations. This 2026 edition is based on over 900 data points. It covers six families of criteria, from public adoption to taxation, for a maximum score of 60. The podium remains almost unchanged. The rest of the rankings, however, do not.

Key Points:

• The 2026 Crypto Adoption Index by Henley & Partners evaluates 36 countries. In total, six criteria are assessed, for a maximum score of 60 points.
• Thus, Singapore retains the top spot for the fourth consecutive year, ahead of the United Arab Emirates and Hong Kong.
• Additionally, the UAE rises from 5th to 2nd place thanks to a perfect score in crypto taxation.
• Finally, France remains absent from the ranking. Italy, Austria, Luxembourg, Portugal, and Latvia represent the European Union in the top 25.

The Crypto Podium 2026: Singapore, UAE, and Hong Kong Lock in the Top Spots

This ranking does not tell the same story as Chainalysis's global adoption index. This other index measures the actual use of crypto by the population, rather than the regulatory welcome extended to wealthy investors. On that index, India, the United States, and Pakistan occupy the podium. None of the top ten, except for the United States, appear in Henley’s top 20. Turkey, very high on Chainalysis, peaks at 14th place here; Argentina even falls to 26th. The two rankings, however, use the same word, "adoption," for two audiences that have nothing in common. On one side, everyday users; on the other, wealthy individuals seeking a tax haven.

The Henley & Partners ranking, published on September 8, 2026, confirms Singapore at the top for the fourth consecutive year. The city-state scores 47.1 points out of 60. This score is explained by its clear regulations, supported by the Monetary Authority of Singapore. Singapore also achieves the highest score in the ranking for technological innovation.

Just behind, the United Arab Emirates leaps from 5th to 2nd place, with 46.4 points. The country achieves a 10 out of 10 in taxation: no tax on trading, staking, or mining. Hong Kong rounds out the podium with 46.2 points. The territory relies on the best scores in the ranking for infrastructure and economic factors.

Three territories, three different recipes. And one common point: none of the three heavily tax crypto capital gains. The Henley Crypto Adoption Index 2026, here up to the 20th place. --- Source: Henley & Partners

Behind the Top Trio, the United States and Switzerland Are Jostling

The United States ranks fourth with 43.7 points. It is also the only country in the ranking to receive a perfect score of 10 out of 10 in public adoption. This score is explained by the role of Bitcoin in the political debate since Donald Trump's election. Switzerland completes the top 5 with 43.4 points, driven by innovation and strong economic factors. Malta follows in sixth place, achieving the highest score in the ranking for regulatory environment. Thailand, the United Kingdom, Cyprus, and the Bahamas share the rest of the top 10, all grouped between 40.9 and 39.7 points. A close race.

Six newcomers enter the index this year. These are the Bahamas, the Cayman Islands, Bahrain, Argentina, the Maldives, and Paraguay. Bahrain, for example, has just become the first Gulf state to establish a regulatory framework for stablecoins. The kingdom starts directly in 13th position.

Crypto Adoption in Europe: France Still Absent from the Ranking

The European Union struggles to make its mark in this global ranking. Portugal ranks 23rd, buoyed by an exemption from capital gains tax on crypto after one year of holding. Italy follows in 19th place thanks to a flat tax regime for new residents. However, this tax has just doubled in two years, reaching 300,000 euros per year. Austria, Luxembourg, and Latvia also complete the European picture, ranking 20th, 21st, and 24th respectively. France, on the other hand, does not appear anywhere among the 36 countries studied. Zero out of thirty-six.

The European regulation MiCA, which came fully into effect in December 2024, standardizes the rules across the continent. However, regulatory harmonization alone is not enough to improve a country's position in this ranking. It also weighs the tax environment and the startup ecosystem.

The Complete Ranking of the 36 Countries in the Crypto Adoption Index 2026

Here is the complete ranking, with the total score obtained by each country out of 60 points:

At the top, we find Singapore (47.1), the United Arab Emirates (46.4), Hong Kong (46.2), the United States (43.7), Switzerland (43.4), Malta (42.9), Thailand (40.9), the United Kingdom (40.7), Cyprus (39.8), and the Bahamas (39.7).

Just behind are Canada (39.6), the Cayman Islands (36.8), Bahrain (36.7), Turkey (36.2), El Salvador (36.0), Malaysia (35.8), Mauritius (35.1), Australia (34.5), Italy (34.2), and Austria (34.0).

Further down the ranking are Luxembourg (33.2), Antigua and Barbuda (32.7), Portugal (32.5), Latvia (32.3), Saint Kitts and Nevis (32.0), Argentina (29.6), Monaco (28.6), New Zealand (28.5), Greece (27.0), and Grenada (25.8).

Finally, at the bottom are the Maldives (25.6), Nauru (24.5), Uruguay (24.2), Panama (23.4), Paraguay (23.0), and Costa Rica (21.4).

This ranking mainly confirms a persistent imbalance. Asia and the Middle East dominate the top of the table, while continental Europe struggles to keep up.

<< Cryptocurrencies may be borderless, but the families that hold them do have borders >>, summarizes Dominic Volek, head of private clients at Henley & Partners. This was stated in the press release on September 8. Governments have understood this. Citizenship by investment has thus become a full-fledged commercial argument to capture this mobile wealth. Singapore has demonstrated this for four consecutive years.