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According to a comprehensive analysis of the blockchain industry across specific jurisdictions, Singapore and Switzerland have emerged as the leaders in Web3 technology development.
Data from the study Countries Leading in Crypto Technology identifies Singapore and Switzerland as the top-ranking nations in 2024. The study’s methodology calculates a ratio between a country’s population and several local metrics, including:
- the number of blockchain technology patents;
- job opportunities in Web3 companies;
- the number of crypto exchanges;
- Bitcoin ATM installations;
- the country’s share of Bitcoin network computational power;
- companies using BTC as a treasury reserve.
The authors of the study remain unknown. Reports referencing the study began appearing in specialized media on December 21, where it was linked to ApeX Protocol. However, CP Media found no evidence to substantiate this connection. A link to the study surfaced on X, but the user who shared it also noted the lack of information about the study’s authorship.
The study’s date is uncertain, but the data’s relevance is evidenced by the number of companies adopting BTC as a treasury reserve. This metric grew to the levels specified in the study only within the last month.
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The study cites analytics platform Coincub as a source of information. However, the methodology for ranking countries on Coincub differs from the anonymous study, leading to discrepancies in their rankings.
Coincub’s ranking, titled Crypto Services & Regulation, lists the top 10 jurisdictions as of late November as follows:
- Switzerland.
- Singapore.
- UAE.
- USA.
- El Salvador.
- Canada.
- Turkey.
- Hong Kong.
- Lithuania.
- Netherlands.
The top 10 jurisdictions from the Countries Leading in Crypto Technology ranking are:
- Singapore.
- Hong Kong.
- Estonia.
- Switzerland.
- USA.
- Canada.
- Australia.
- South Korea.
- United Kingdom.
- UAE.
It’s worth noting that according to Chainalysis’ Global Crypto Adoption Index, published in early September 2024, the fastest adoption rates for digital assets were recorded in India and Nigeria.
Original article: Singapore and Switzerland Lead Web3 Development Rankings in 2024 published on CoinsPaid Media.
