Original | Odaily Planet Daily ( @OdailyChina )
Author: Wenser ( @wenser 2010 )
As May approaches, Token 2049, held in the desert capital of Dubai, has just concluded. The Middle East is becoming the latest crypto hotspot after Singapore, Hong Kong, South Korea, Japan, the United States, Turkey and other countries and regions. At present, the US Bitcoin Strategic Reserve Act and the Stablecoin Regulatory Act are still being advanced step by step. Against the backdrop of the increasingly accelerated mainstreaming of cryptocurrency, Odaily Planet Daily will select the Top Ten Crypto Capitals in this article based on crypto-friendliness, crypto population size, crypto asset size and other dimensions. The following ranking is not a professional basis and is for readers reference only.
Top 10 Crypto Capitals: Some Are Here for the Right Time, Some Are Ready to Go
1. Singapore
As a bridgehead for crypto innovation in Asia, Singapores support for cryptocurrencies in the past 3-5 years has been obvious to all.
Compared with other countries and regions, the advantages here mainly include open regulation, clear policies, international community, and a digital asset holding rate of up to 23%. Singapores financial infrastructure and talent attraction make it the first choice for Web3 entrepreneurs and capital.
2. Dubai
In recent years, countries in the Middle East have become sovereign state-level participants in the crypto market. The UAE MGXs $2 billion investment in Binance, the largest cryptocurrency financing, is an example.
As a place where capital and policy dividends from the Middle East are concentrated, Dubai’s local government’s attitude towards digital assets such as cryptocurrencies is undoubtedly open and inclusive. Innovative regulatory measures such as VARA also facilitate the migration of high-net-worth users and companies around the world. Many exchange headquarters and key team members also live here for a long time.
In addition, Dubais tax policy is relatively friendly, and offline activities are frequently organized, which is deeply loved by people in the cryptocurrency industry. After gold and oil, sovereign countries in the Middle East with Dubai as the center may be expected to join the ranks of Bitcoin hoarding army.
3. Hong Kong
After 2023, affected by regional competition from Singapore and severe impact on the traditional financial industry, the Hong Kong government has accelerated its embrace of the cryptocurrency industry. Events such as the implementation of the VASP licensing system and the upcoming finalization of the stablecoin regulatory bill fully demonstrate the Hong Kong governments determination to develop.
In addition, as one of the important bridges connecting the East and the West, Hong Kong has a natural advantage in connecting capital institutions, cryptocurrency exchanges, and various project parties in mainland China with the entire Asia and even the world. Therefore, it has always been regarded as an important cryptocurrency window.
Based on its previous status as an international financial center, Hong Kong also has a wide range of local Web3 funds, incubators, hackathons and other activities, and is expected to continue to play a leading role in the region.
According to the 2025 Crypto Wealth Concentration Index report previously released by Multipolitan, Hong Kong ranks third in cryptocurrency wealth concentration, with per capita cryptocurrency asset holdings as high as US$97,000, which indirectly confirms the leapfrog development of cryptocurrency mainstreaming in Hong Kong.
4. Seoul
According to a report by Finance Magnates in December 2024, the crypto penetration rate in South Korea is as high as 30%, and the number of cryptocurrency investors is as high as 15.6 million, which is close to the number of stock investors in South Korea. The total market value of cryptocurrencies held by South Korean investors has reached 102.6 trillion won (about US$70.8 billion at the time, and now equivalent to US$73.497 billion).
In addition, South Koreas related NFT, GameFi and other innovative tracks are extremely active, and the trading volume of South Korean crypto exchanges such as Upbit, Bithumb, Coinone, Korbit and GOPAX also accounts for a certain proportion of the crypto market. As the capital of South Korea, Seoul has gathered a large number of blockchain startups and investment institutions, many cryptocurrency-related communities, and a warm atmosphere for industry construction.
According to the 2025 Crypto Wealth Concentration Index report released by Multipolitan, South Korea ranks fourth in cryptocurrency wealth concentration, with per capita cryptocurrency asset holdings of approximately $94,000.
5. Miami
As a model city for local policy innovation in the United States, Miami can be called a crypto hotspot before.
Under the active promotion of Mayor Francis Suarez, large-scale events such as Bitcoin Miami were successfully held, which helped the city become one of the crypto innovation centers in the United States. Previously, well-known investment institutions such as a16z had set up teams and offices here, and many cryptocurrency projects followed suit.
Although U.S. crypto regulation remains in turmoil with the rise of Trump, Miami’s crypto-friendly atmosphere still makes this place unique.
6. Zug (Switzerland)
Known as the Crypto Valley, it is the birthplace of projects such as the Ethereum Foundation.
Compared with other European cities, Switzerland has a sound legal system, relatively reasonable tax policies, friendly regulatory stance towards the cryptocurrency industry, and a high concentration of capital and talent. Previous reports have shown that the Greater Zurich Area (including Zug) has nearly 900 blockchain and cryptocurrency companies, making it one of the worlds leading cryptocurrency centers.
According to the 2025 Crypto Wealth Concentration Index report released by Multipolitan, Switzerland ranks 13th in terms of cryptocurrency wealth concentration, with per capita cryptocurrency assets holding approximately $42,700.
7. Tokyo
As the earliest crypto-centric city, Tokyo can be called the “Crypto OG City”. Previously, exchanges such as Mt.Gox originated in Japan.
With the rapid development of the cryptocurrency industry, the Japanese government has also made targeted follow-up adjustments. Its crypto regulatory system is becoming increasingly mature and the compliance environment is clear. Previously, Kazuka Itagaki, Deputy Minister of the Ministry of Economy, Trade and Industry of Japan, said at the Web3 industry conference WebX: The Kishida government has positioned entrepreneurial policy support in the Web3 field as a top priority. I believe that the Japanese government is not only indispensable to web3, but everyone has the same goal.
In addition, Japanese companies are increasingly enthusiastic about participating in the cryptocurrency industry. World-class Japanese companies such as Sony and Toyota have joined in, and Japanese listed companies such as Metaplanet have followed Strategys example and purchased Bitcoin as an asset reserve, driving up the companys stock price.
8. San Francisco
As the center of the U.S. technology venture capital sector, San Francisco is also one of the U.S. crypto capitals.
In addition to established technology companies such as Apple and Meta, this area is also home to a number of well-known crypto exchanges, cryptocurrency projects and investment institutions such as Coinbase, Kraken, BitGo, Ripple, FalconX, Blockchain Capital and Polychain Capital.
9. Shenzhen
As a gathering place for many crypto projects, Shenzhen can be called the first city in the crypto industry. Here, one office building may gather many types of industry insiders, such as LuMao studios, cryptocurrency project parties, and crypto exchange employees.
In addition, Shenzhens advanced electronic industry technology and Internet industry technical talents have also made great contributions to the development of the cryptocurrency industry in DePIN, Meme coin, L2 network, etc. The convenient connection with Hong Kong also provides corresponding conditions for Shenzhen to get the moon first when it is close to the water.
An industry insider once said: In Shenzhen, if a brick is thrown, it is possible to hit three project parties. With the increasing number of people participating in cryptocurrency in Asia, Shenzhen is undoubtedly the crypto capital in China.
10. Slovenia
As one of the smaller countries in Europe, Slovenia has a strong enthusiasm for cryptocurrency.
According to CryptoGambling.tv data analysis , Slovenia is the most cryptocurrency-obsessed country in Europe, based on search volume as a percentage of population. Luxembourg and the Netherlands rank second and third, respectively. In terms of specific data, Slovenia has about 100,000 cryptocurrency-related searches per month, with an average of 4,789 searches per 100,000 people, the highest proportion among all European countries.
Previously, Slovenia was popular with many people for its tax-free policy for cryptocurrencies, but this situation has changed recently: It is understood that the Slovenian Ministry of Finance has proposed to impose a 25% tax rate on cryptocurrency capital gains from 2026, which applies to transactions that convert crypto assets into legal currency or use them for consumption, but does not include exchanges between crypto assets. The Ministry of Finance said that this move is aimed at filling loopholes in the current tax system and unifying the tax treatment of crypto income with traditional investment income such as stocks and bonds.
Previous gains (before January 1, 2026) are not taxable, and trading losses can be carried forward to offset future gains. The new tax system is expected to bring the country 2.5 million to 25 million euros in revenue each year, and the Ministry of Finance is currently soliciting public opinions. According to ECB data, Slovenia has the highest rate of crypto holdings in the eurozone, with about 15% of adults holding cryptocurrencies in 2023.
