parameters

• Public Adoption
• Infrastructure Adoption
• Innovation and Technology
• Regulatory Environment
• Economic Factors
• Tax-Friendliness

Data Sources

Public Adoption

The Public Adoption score is calculated as the sum of the following indicators, equally weighted:

• Share of Population Using Crypto: calculated as the average of the country’s number of crypto owners in absolute terms and crypto owners relative to total population, in percentage. Source: TripleA
• Public Interest: interest over time. Source: Google Trends

Infrastructure Adoption

The Infrastructure Adoption score is calculated as the sum of the following indicators, equally weighted:

• Crypto ATM Availability: the number of crypto ATMs present in the country, per square kilometer. Sources: Coin ATM Radar, Statista, World Bank
• Bank Integration: calculated as the sum of the following metrics, equally weighted, for each country:
  • Do local banks allow integration with cryptocurrency services? Source: Austrian Financial Market Authority, Bank of Canada, Bank of England, Central Bank of Malaysia, Decrypt, Eastern Caribbean Central Bank, PwC
  • Number of crypto-friendly banks. Source: Coincub, Finder
• Exchange Presence: calculated as the sum of the following metrics, equally weighted, for each country:
  • Number of cryptocurrency exchanges headquartered in the country, per square kilometer. Sources: Blockspot.io, Coincodex, World Bank
  • 24H trade volume of cryptocurrency exchanges headquartered in the country, per capita. Sources: Blockspot.io, World Bank
• Merchant Adoption: calculated as the average of the number and density per square kilometer of businesses accepting cryptocurrency as payment. Sources: Bitcoin.com Maps, World Bank

Innovation and Technology

The Innovation and Technology score is calculated as the sum of the following indicators, equally weighted:

• Government Projects: approximate number of current government-backed blockchain or cryptocurrency projects. Sources: AlphaPoint, Bank of Canada, Digital Economy Council of Australia, Eastern Caribbean Central Bank, EU Blockchain Observatory and Forum, Malta Digital Innovation Authority, Office of Public Affairs – U.S. Department of Justice, Official Portal of the Grand Duchy of Luxembourg, Official Portal of the UAE, Remitano, Singapore Blockchain Innovation Programme
• Start-Ups & Companies: Number and density per square kilometer of cryptocurrency-related startups. Sources: Crunchbase, Linkedin, World Bank

Regulatory Environment

The Regulatory Environment score is calculated as the sum of the following indicators, equally weighted:

• Initial Coin Offering (ICO) and Token Sales Regulation: assessment of whether ICOs are allowed and regulated. Sources: Australian Securities and Investments Commission, Austrian Financial Market Authority, Bitcoin Market Journal, Canadian Securities Administrators, Crypto Asset Services Providers, ECCB Advisory, Financial Markets Authority – Te Mana Tātai Hokohoko, Ministry of Legal Affairs – Antigua and Barbuda, Monetary Authority of Singapore (MAS), National Securities and Exchange Commission of Spain, Securities and Futures Commission, Tálosi&Tálosi Attorneys, TechFinitive, Tilleke & Gibbins
• Central-Bank-Backed Digital Currencies: availability and state of government-backed digital currency projects. Sources: Atlantic Council, Bank of England
• Legal Environment: calculated as the sum of the following metrics, equally weighted, for each country:
  • Is crypto accepted as legal tender? Sources: BBC, Central Banking, Coredo, Daily Sabah, European Parliament, Financial Services Commission Mauritius, Global Legal Insights, Government of Canada, Library of Congress, Mondaq, PwC
  • Presence of regulatory sandboxes for crypto/fintech. Sources: American Banker, Cointelegraph, Daily Sabah, Eastern Caribbean Securities Regulatory Commission, Government Information Service Mauritius, Hong Kong Monetary Authority, Law Office Malaysia, Legalink, PwC
• Regulatory Clarity: calculated as the sum of the following metrics, equally weighted, for each country:
  • Regulatory aggressiveness. Sources: Daily Sabah, European Parliament, Forbes, Library of Congress, NTL Trust, PwC, The Caribbean Views, WeirFoulds LLP
  • Clarity of Regulations. Sources: Daily Sabah, European Parliament, International Organization of Securities Commissions, OECD, PwC

Economic Factors

The Economic Factors score is calculated as the sum of the following indicators, equally weighted:

• Financial Inclusion: Percentage of the population with access to banking. Source: World Bank
• Internet and Smartphone Penetration: calculated as the sum of the following metrics, equally weighted, for each country:
  • Cellular subscription, %. Source: World Bank
  • Internet penetration. Source: World Bank
  • Broadband speed. Source: Based on Henley & Partners’ analysis of Speedtest Global Index™ data from 27 August 2025

Tax-Friendliness

The Tax-Friendliness score is calculated as the sum of the following indicators, equally weighted: Capital gains taxes and Income taxes. Sources: Australian Taxation Office, EY, Financial Times, Freeman Law, Government of Canada, Government of the United Kingdom, Inland Revenue Board of Malaysia, IRS, Ministry of Finance – Republic of Cyprus, Ministry of Legal Affairs – Antigua and Barbuda, OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, Regulated United Europe, PwC, Simmons & Simmons, Wyden

Also read https://citizenshiphubs.com/crypto-wealth-report-2025/ for more insights into the crypto wealth report 2025.