Hong Kong ranks as second-most crypto-friendly city, ahead of Singapore, Abu Dhabi: report

Hong Kong is the second-most friendly city to cryptocurrencies in the world, according to a new report by migration platform Multipolitan, which highlights the market as a hub for attracting industry wealth, talent and innovation.
The city ranked just behind Ljubljana, capital of Slovenia, in the Crypto Friendly Cities Index, released on Thursday as part of Multipolitan’s Crypto Report 2025. The index evaluates cities based on factors such as regulation, tax regimes, digital infrastructure and wealth. Ljubljana, home to the non-profit Blockchain Alliance Europe, has widely embraced the new digital assets, with hundreds of retail venues accepting crypto payments.
Following Hong Kong in the ranking were Zurich, Singapore and Abu Dhabi.
Slovenia also leads in a ranking of crypto wealth concentration, with the average owner holding US$240,500 in virtual assets, followed by Cyprus at US$175,000 and Hong Kong at US$97,500, according to Multipolitan data.
So-called crypto whales – those holding large amounts of such assets – are increasingly seeking alternative residences and second citizenships in tax-neutral jurisdictions. The United Arab Emirates has proven especially attractive. Dubai has drawn many wealthy industry figures with its Golden Visa scheme, which enables individuals to obtain residency for 10 years with an investment of 2 million dirhams (US$544,500), according to the report.
“We’re moving from birthrights to choices – where individuals pick the jurisdictions, currencies and communities that serve them best,” Nirbhay Handa, co-founder and CEO of Multipolitan, said in a statement. “Tokenised assets, decentralised residencies and on-chain governance are indisputably the new operating system for civilisation.”
Singapore-based Multipolitan was founded in 2024 by Handa and Lee Smith, the founder of Japan’s Paidy, which PayPal acquired in 2021. It was set up with the goal of simplifying international travel and relocation, according to the company.
Hong Kong has been building a regulatory framework for virtual assets since 2022, introducing new requirements for companies that want to trade the assets in the city. The Securities and Futures Commission has so far licensed 10 virtual asset trading platforms, including New York-based Bullish, which in February became the first international crypto exchange to gain approval.
While the city’s Web3 ambitions have been plagued by strict rules and high compliance costs, there have been positive signs for the industry’s growth this year amid a global shift in sentiment.
After running on a crypto-friendly platform, US President Donald Trump has been pushing the world’s largest economy towards greater acceptance of virtual assets, backing away from regulatory fights that had been driving the industry to other markets. This “pro-crypto pivot … could set off a regulatory domino effect worldwide, pushing other countries to revise restrictive policies”, Multipolitan said in its report.
Residential rents in Hong Kong have risen this year in part because of an influx of expatriates and mainland Chinese professionals working in crypto and hedge funds. However, many renters have shown a preference for cheaper flats in Kowloon or short-term accommodation, according to property consultancy Savills Hong Kong.
Other signs of life have emerged for the local industry. In February, Hong Kong hosted an international expansion of the industry’s Consensus conference, organised by Bullish-owned media outlet CoinDesk. More recently, crypto icon Zhao Changpeng, the co-founder of Binance who lives in Dubai, was making appearances at various events around the city, talking with other industry leaders such as Tron founder Justin Sun and Ethereum co-founder Vitalik Buterin.