The top ten crypto capitals in 2025 are released, and the first place is undisputed?

As time goes by, Token 2049, which was held in the desert capital Dubai, has just come to an end. The Middle East is becoming the latest encrypted hot spot after Singapore, Hong Kong, South Korea, Japan, the United States, Turkey and other countries and regions. Standing at the moment, the US Bitcoin Strategic Reserves Act and the Stable Coin Regulation Act are still advancing step by step. Against the background of the increasingly accelerated mainstreaming of cryptocurrencies, Script Home will screen out the "Top Ten Crypto Capital Ranking" in this article based on the dimensions of crypto friendliness, crypto population size, and crypto asset scale. The following rankings are not used as professional basis and are for readers' reference only.

Top 10 Crypto Capitals: Some are right at the right time, and some are ready to go

1. Singapore

As a bridgehead for Asian crypto innovation, Singapore’s support for cryptocurrencies in the past 3-5 years is obvious to all.

Compared with other countries and regions, the advantages here mainly include open supervision, clear policies, and international community, with a digital asset holding rate of up to 23%. Singapore's 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 one of the sovereign national players in the crypto market. The "number one-sized financing of cryptocurrency" by UAE MGX spent $2 billion to invest in Binance is an example.

As a culmination of the Middle East's capital and policy dividends, the Dubai local government's attitude towards digital assets such as cryptocurrencies is undoubtedly open and inclusive, and innovative regulatory measures such as VARA also provide convenience for the migration of high-net-worth users and enterprises around the world. Many exchange headquarters and main team members have also lived here for a long time.

In addition, Dubai's tax policies are relatively friendly and offline activities are frequent, 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 the "Bitcoin Hoarding Army".

3. Hong Kong

After 2023, incidents such as the impact of Singapore's regional competition and the severe impact of the traditional financial industry, the Hong Kong government accelerated its embrace of the cryptocurrency industry, the implementation of the VASP license system and the soon-to-be-resolved stablecoin regulatory bill fully demonstrate the Hong Kong government's determination to develop.

In addition, as one of the important bridges connecting the East and the West, Hong Kong has natural advantages in connecting mainland China with capital institutions, crypto exchanges, and various project parties in Asia and the world, so it has always been regarded as an important encryption window.

Based on the previous status of an international financial center, Hong Kong's local Web3 funds, incubators, hackathons and other activities are also extremely rich, and it is expected to continue to play a regional leading role in the future.

According to the 2025 Cryptocurrency Wealth Concentration Index previously released by Multipolitan, Hong Kong ranks third in terms of cryptocurrency wealth concentration, with per capita holdings of cryptocurrency assets as high as US$97,000, which indirectly confirms the leapfrog development of cryptocurrency mainstreaming in Hong Kong.

4. Seoul

According to the report by Finance Magnates in December 2024, the penetration rate of cryptocurrency in South Korea is as high as 30%, with the number of cryptocurrency investors as much as 15.6 million, which is close to the number of domestic stock investors in South Korea. The total market value of cryptocurrencies held by Korean investors reached 10.26 trillion won (at that time it was approximately US$70.8 billion, but now it is equivalent to US$73.497 billion).

In addition, South Korea's related innovative tracks such as NFT and GameFi are extremely active, and the trading volume of Korean crypto exchanges such as Upbit, Bithumb, Coinone, Korbit and GOPAX also accounts for a certain proportion in the crypto market. As the capital of South Korea, Seoul has gathered a large number of blockchain startups and investment institutions, with many cryptocurrency-related communities, and the industry construction atmosphere is warm.

According to the 2025 Crypto Wealth Concentration Index previously released by Multipolitan, South Korea's cryptocurrency wealth concentration ranks fourth, with per capita holdings of cryptocurrency assets of approximately US$94,000.

5. Miami

As a model city for local policy innovation in the United States, Miami can be regarded as the "crypto hot spot" before.

With the active promotion of Mayor Francis Suarez, large-scale events such as Bitcoin Miami were successfully implemented, which helped the city become one of the American crypto innovation centers. Previously, well-known investment institutions such as a16z have set up teams and offices here, and many cryptocurrency projects have also followed.

Although U.S. crypto regulations remain in turmoil with Trump’s coming to power, the crypto-friendly atmosphere presented by Miami still makes the place unique.

6. Zug (Switzerland)

It has the reputation of "crypto valley". This is the birthplace of projects such as the Ethereum Foundation.

Compared with other cities in Europe, Switzerland has a sound legal system, relatively reasonable tax policies, friendly regulatory situation for the cryptocurrency industry, and highly concentrated capital and talents. Previous reports show that the Greater Zurich District (including Zug) has nearly 900 blockchain and cryptocurrency companies, making it one of the world's leading cryptocurrency centers.

According to the 2025 Crypto Wealth Concentration Index report released by Multipolitan, Switzerland ranked 13th in terms of concentration of cryptocurrency wealth, with per capita holdings of cryptocurrency assets of approximately US$42,700.

7. Tokyo

As the earliest crypto-center city, Tokyo can be called the "censored 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, the deputy director of the Japanese Ministry of Economy, Industry and Industry, Ichiaki, said at the Web3 industry conference "WebX": "The Kishida government has positioned entrepreneurship policy support, including the Web3 field, as the primary issue. I believe that the Japanese government is not only indispensable for web3, but everyone's goals are the same."

In addition, Japanese companies are becoming more and more enthusiastic about participating in the cryptocurrency industry. World-class Japanese companies such as Sony and Toyota have joined in; later, Japanese listed companies such as Metaplanet have followed Strategy to purchase Bitcoin as asset reserves, driving the company's stock price growth.

8. San Francisco

As the center of the US technology venture capital field, San Francisco is also one of the crypto capitals of the United States.

In addition to old technology companies such as Apple and Meta, a series of well-known crypto exchanges, cryptocurrency projects and investment institutions in the industry are also gathered here.

9. Shenzhen

As a gathering place for many crypto projects, Shenzhen can be called the "first city in the circle". Here, a office building may also gather many industry insiders in the mao studio, cryptocurrency project parties, crypto exchange employees, etc.

In addition, Shenzhen's developed electronic industry technology and Internet industry technical talents have also made great contributions to the development of the cryptocurrency industry in the ecology of DePIN, Meme coins, L2 networks, etc. The convenient connection with Hong Kong also provides corresponding conditions for Shenzhen to "get the first month near the water".

An industry insider once said: "In Shenzhen, if a brick is smashed, it may hit 3 project parties." Now, with the increasing number of people participating in cryptocurrencies in Asia, Shenzhen is undoubtedly the "crypto capital" in China.

10. Slovenia

As one of the small countries in Europe, Slovenia has been very enthusiastic about cryptocurrencies.

According to CryptoGambling.tv data analysis, Slovenia is the most obsessed with cryptocurrencies in Europe. Luxembourg and the Netherlands ranked second and third respectively. According to 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 of all European countries.

Previously, Slovenia was popular among many people for its cryptocurrency tax exemption policy, but this situation has changed recently: It is understood that the Slovenian Ministry of Finance has proposed to impose a 25% tax on cryptocurrency capital gains from 2026, which is applicable to transactions that convert crypto assets into fiat currency or for consumption, but does not include swaps between crypto assets. The Ministry of Finance said that the move aims to make up for loopholes in the current tax system and to uniformly pay cryptocurrency returns with traditional investment income such as stocks and bonds.

Previous earnings (before January 1, 2026) are not included in the tax scope, and transaction losses can be carried forward to deduct future earnings. The new tax system is expected to bring 2.5 million to 25 million euros to the country each year, and the Ministry of Finance is currently soliciting public opinions. According to data from the European Central Bank, Slovenia has the highest crypto-holding rate in the euro zone, with about 15% of adults holding cryptocurrencies in 2023.

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