Original｜Odaily Planet Daily（@OdailyChina）

Author｜Wenser（@wenser2010）

As May arrives, the Token2049 held in the desert capital of Dubai has just concluded, and the Middle East is becoming the latest crypto hotspot following Singapore, Hong Kong, South Korea, Japan, the United States, Turkey, and other countries and regions. Currently, the U.S. Bitcoin Strategic Reserve Act and Stablecoin Regulatory Act are still progressing steadily. Against the backdrop of the accelerating mainstreaming of cryptocurrencies, Odaily Planet Daily will, in this article, select the "Top 10 Crypto Capitals" based on dimensions such as crypto-friendliness, the scale of the crypto community, and the scale of crypto assets. The following rankings are not for professional reference, but for readers' consideration.

Top 10 Crypto Capitals: Some are Timely, Some are Ready to Launch

1. Singapore

As a bastion of crypto innovation in Asia, Singapore's support for cryptocurrencies has been evident over the past 3-5 years.

Compared to other countries and regions, its advantages mainly include open regulation, clear policies, and an internationalized community, with a digital asset ownership rate as high as 23%. Singapore's financial infrastructure and talent attraction make it the preferred destination for Web3 entrepreneurs and capital.

2. Dubai

In recent years, various countries in the Middle East have become sovereign national participants in the crypto market, exemplified by the UAE's MGX investing $2 billion in Binance, marking the "largest crypto financing" to date.

As a hub of capital and policy benefits in the Middle East, the local government's attitude towards cryptocurrencies and digital assets is undoubtedly open and inclusive, with innovative regulatory measures like VARA facilitating the migration of global high-net-worth users and enterprises. Many exchanges have their headquarters and key team members residing here.

Additionally, Dubai's tax policies are relatively friendly, and offline organizational activities are frequent, making it popular among crypto industry insiders. Following gold and oil, the sovereign nations in the Middle East centered around Dubai may also join the ranks of the "Bitcoin hoarding army."

3. Hong Kong

After 2023, influenced by regional competition from Singapore and the severe impact on the traditional financial industry, the Hong Kong government has accelerated its embrace of the cryptocurrency industry. The implementation of the VASP licensing system and the imminent finalization of the stablecoin regulatory bill fully demonstrate the government's determination to develop.

Moreover, as one of the important bridges connecting the East and West, Hong Kong has a natural advantage in linking capital institutions, crypto exchanges, and various project parties from mainland China to the entire Asia and even the world, thus historically being regarded as an important crypto window.

Based on the previous report by Multipolitan titled “2025 Cryptocurrency Wealth Concentration Index”, Hong Kong ranks third in cryptocurrency wealth concentration, with an average cryptocurrency asset holding of up to $97,000, indirectly confirming the leap in the mainstreaming of cryptocurrencies in Hong Kong.

4. Seoul

According to a report from Finance Magnates in December 2024, South Korea's cryptocurrency penetration rate is as high as 30%, with the number of cryptocurrency investors reaching 15.6 million, nearly matching the number of stock investors in South Korea. The total market value of cryptocurrencies held by South Korean investors reached 102.6 trillion won (approximately $7.08 billion at that time, now equivalent to $7.35 billion).

In addition, South Korea's related NFT, GameFi, and other innovative sectors are very active, with exchanges like Upbit, Bithumb, Coinone, Korbit, and GOPAX holding a significant share of the crypto market. As the capital of South Korea, Seoul gathers a large number of blockchain startups and investment institutions, with numerous cryptocurrency-related communities and a vibrant industry atmosphere.

According to the previously released “2025 Cryptocurrency Wealth Concentration Index” report by Multipolitan, South Korea ranks fourth in cryptocurrency wealth concentration, with an average cryptocurrency asset holding of about $94,000.

5. Miami

As a model city for local policy innovation in the United States, Miami can be considered a previous "crypto hotspot."

With the active promotion of Mayor Francis Suarez, large events like Bitcoin Miami have successfully taken place, helping the city become one of the centers of crypto innovation in the U.S. Notable investment institutions like a16z have previously established teams and offices here, and many cryptocurrency projects have followed suit.

Although U.S. crypto regulation remains turbulent with Trump's rise to power, the crypto-friendly atmosphere displayed by Miami still makes this place stand out.

6. Zug (Switzerland)

Known as "Crypto Valley," it is the birthplace of projects like the Ethereum Foundation.

Compared to other cities in Europe, Switzerland has a sound legal system, relatively reasonable tax policies, and a friendly regulatory environment for the cryptocurrency industry, with a high concentration of capital and talent. Previous reports indicated that the Greater Zurich area (including Zug) has nearly 900 blockchain and cryptocurrency companies, making it one of the leading cryptocurrency centers in the world.

According to the previously released “2025 Cryptocurrency Wealth Concentration Index” report by Multipolitan, Switzerland ranks 13th in cryptocurrency wealth concentration, with an average cryptocurrency asset holding of about $42,700.

7. Tokyo

As one of the earliest crypto capital cities, Tokyo can be considered the "OG city of crypto," with exchanges like Mt. Gox originating in Japan.

With the rapid development of the cryptocurrency industry, the Japanese government has also made targeted adjustments, and its regulatory system for cryptocurrencies is becoming increasingly mature, with a clear compliance environment. Previously, the Deputy Minister of Economy, Trade and Industry of Japan, Mr. Itagaki, stated at the Web3 industry conference "WebX": "The Kishida government has prioritized support for entrepreneurial policies in the Web3 field, and I believe the Japanese government is indispensable not only for Web3 but that everyone's goals are the same."

Additionally, the enthusiasm of Japanese companies to participate in the cryptocurrency industry is rising, with world-class Japanese companies like Sony and Toyota joining; and Japanese listed companies like Metaplanet following suit by purchasing Bitcoin as asset reserves, driving up their stock prices.

8. San Francisco

As a hub of technology venture capital in the United States, San Francisco is also one of the crypto capitals of the U.S.

In addition to established tech companies like Apple and Meta, it is home to a series of well-known crypto exchanges, cryptocurrency projects, and investment institutions, including Coinbase, Kraken, BitGo, Ripple, FalconX, Blockchain Capital, and Polychain Capital.

9. Shenzhen

As a gathering place for numerous crypto projects, Shenzhen is known as the "first city of the crypto circle." Here, a single office building may simultaneously host various industry insiders, including yield farming studios, cryptocurrency project teams, and crypto exchange employees.

Moreover, Shenzhen's developed electronic industrial technology and internet industry talent have made significant contributions to the development of the cryptocurrency industry in areas like DePIN, meme coins, and L2 networks. Its convenient connection with Hong Kong also provides Shenzhen with favorable conditions to "gain the advantage of being close to the water."

Once, an industry insider claimed: "In Shenzhen, if you throw a brick, it might hit three project teams." With the growing participation in cryptocurrencies across Asia, Shenzhen is undoubtedly the "crypto capital" of the country.

10. Slovenia

As one of the smaller countries in Europe, Slovenia has a strong enthusiasm for cryptocurrencies throughout the nation.

According to data analysis from CryptoGambling.tv, Slovenia is the most crypto-obsessed country in Europe when calculated by the percentage of the population searching for cryptocurrencies. Luxembourg and the Netherlands rank second and third, respectively. Specifically, Slovenia has about 100,000 searches related to cryptocurrencies each month, averaging 4,789 searches per 100,000 people, the highest ratio among all European countries.

Previously, Slovenia was popular for its tax-free policy on cryptocurrencies, but this situation has recently changed: According to reports, the Slovenian Ministry of Finance has proposed a 25% tax rate on capital gains from cryptocurrencies starting in 2026, applicable to transactions that convert crypto assets into fiat currency or for consumption, but not including exchanges between crypto assets. The Ministry stated that this move aims to address loopholes in the current tax system and unify the taxation of crypto gains with traditional investment gains from stocks, bonds, etc.

Gains prior to this (before January 1, 2026) will not be subject to taxation, and trading losses can be carried forward to offset future gains. The new tax system is expected to bring in annual revenue of between 2.5 million to 25 million euros for the country, and the Ministry of Finance is currently seeking public opinion. Data from the European Central Bank shows that Slovenia has the highest rate of cryptocurrency ownership in the Eurozone, with about 15% of adults holding cryptocurrencies in 2023.

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