Callback
Contact
+1 786 233 6668
Crypto millionaires seek global mobility to match their borderless assets, making it vital to identify jurisdictions that support wealth and digital innovation. Henley & Partners’ proprietary tool benchmarks crypto-friendly countries with investment migration pathways. With 750+ data points, the index provides a comprehensive view of how these nations embrace and regulate crypto and blockchain.
The architecture of global finance has traditionally assumed that capital is tied to geography. Digital assets challenge that assumption.
Henley & Partners assists high-net-worth investors in navigating this new landscape. The Henley Crypto Adoption Index 2025 evaluates the world’s leading investment migration programs in jurisdictions that are actively developing their blockchain and digital asset ecosystems. This enables clients to construct globally diversified portfolios of residence and citizenship options that enhance tax efficiency, safeguard wealth, and expand mobility in a world where location is increasingly a matter of choice.
The 29 countries included in the index were selected through a detailed assessment of regulatory, technological, economic, and social factors relevant to both blockchain development and investment migration. Each jurisdiction offers formal residence or citizenship pathways for investors and demonstrates meaningful progress in creating an environment that supports the responsible adoption of digital assets.
Based on more than 750 data points organized across 6 parameters, 15 sub-parameters, and 26 indicators, the index provides a comprehensive, comparative overview of how these investment migration destinations are engaging with this transformative technology.
Key Parameters
The six key parameters are Public Adoption, Infrastructure Adoption, Innovation and Technology, Regulatory Environment, Economic Factors, and Tax-Friendliness.
Public Adoption
Public Adoption measures the level of awareness, interest, and engagement with cryptocurrencies in the general population. It includes indicators such as a binary adoption presence score, a continuous benchmarked score for the absolute number of crypto users, and Google search interest related to cryptocurrencies. Higher public adoption indicates a more crypto-friendly environment.
Key sources: Google Trends, TripleA
Infrastructure Adoption
Infrastructure Adoption assesses the technological foundations for crypto transactions and exchanges. This parameter includes the number of crypto ATMs, integration with local banks, the presence of digital asset exchanges, and the number of businesses accepting crypto as payment. A well-developed infrastructure supports smoother crypto adoption.
Key sources: Bitcoin.com Maps, Blockspot.io, Coin ATM Radar, CoinCodex, Coincub
Innovation and Technology
Innovation and Technology gauges a country’s commitment to fostering advancement in the crypto space. This parameter considers the number of government-backed initiatives and cryptocurrency-related start-ups. A dynamic innovation landscape can drive crypto adoption forward.
Key sources: Crunchbase, LinkedIn, The EU Blockchain Observatory and Forum
Regulatory Environment
The Regulatory Environment parameter evaluates a country’s legal framework for cryptocurrencies and blockchain technology. Sub-parameters include the adoption of Initial Coin Offerings (ICOs) regulations, the legal status of cryptocurrency, the clarity and robustness of regulations, the development status of central-bank-backed digital currencies, and the availability of regulatory sandboxes. A supportive regulatory environment encourages growth.
Key sources: Atlantic Council, OECD, PwС
Economic Factors
The Economic Factors parameter considers the stability and economic conditions of a country by evaluating the level of financial inclusion and smartphone and internet penetration. Broadband speed was assessed based on Henley & Partners’ analysis of Speedtest Global Index™ data from 27 August 2025. Economic stability and technological accessibility contribute to a conducive environment for crypto adoption.
Key sources: SpeedTest Global Index™ data from 27 August 2025, World Bank
Tax-Friendliness
The Tax-Friendliness parameter examines a country’s approach to taxing cryptocurrency-related activities. It includes aspects such as tax rates on crypto income and capital gains. Countries with the lowest taxation on crypto transactions and clear cryptocurrency tax policies score highest
Key sources: EY, OECD Global Forum on Transparency and Exchange of Information for Tax Purposes
Please refer to the data sources section below for links.
We collected data for 29 countries that host investment migration programs from July to September 2025, using the latest available public information. This list included previously assessed countries and new additions reflecting current market trends.
Numerical variables were normalized using one of three approaches, depending on the distribution and interpretability of the indicator:
Next, indicators were grouped into thematic sub-parameters, their scores were calculated by summing equally weighted indicators, and the six key parameter scores (each maximum 10) were derived by summing equally weighted sub-parameters.
The Total Country Score (maximum 60) is the sum of the scores of the six parameters: Public Adoption, Infrastructure Adoption, Innovation and Technology, Regulatory Environment, Economic Factors, and Tax-Friendliness.
This year we have made several refinements to our methodology.
Crypto Users Estimation
To address gaps in data availability, we introduced a standardized estimation method for the Crypto Users metric sub-parameter for countries without reported figures (namely, Antigua and Barbuda, Grenada, Monaco, and St. Kitts and Nevis) by applying the regional average adoption rate (percentage of population) to their national populations. This provided consistent estimates for both absolute numbers of users and percentage adoption rates.
Global Benchmarking
To improve comparability and minimize distortions by outliers, we introduced global benchmark scaling for selected metrics.
For each benchmarked metric:
The formula applied is:
where X is the country’s value for any metric from the list below, 
is the global or dataset average.
This approach ensures that countries performing around the global average are scored consistently, while extreme outliers are capped to maintain fairness across the index.
Metrics using global benchmarks:
Metric | Benchmark Value (X_avg) | Source/Basis |
Crypto Users Relative to Total Population, % | 3.23% | Global average |
Crypto Users, Absolute | 6,072,809 | Global average |
Number of Government-Backed Blockchain or Cryptocurrency Projects | 4 | Dataset average |
Google Searches 'Cryptocurrency' and the Like for the Last Year | 15 | Global average |
Cellular Subscription, % | 108% | Global average |
Broadband Speed | 107.6% | Global average |
Internet Penetration | 70.6% | Global average |
Number of Cryptocurrency Exchanges in the List of Trusted Platforms | 4 | Dataset average |
Public Adoption
The Public Adoption score is calculated as the sum of the following indicators, equally weighted:
Infrastructure Adoption
The Infrastructure Adoption score is calculated as the sum of the following indicators, equally weighted:
Innovation and Technology
The Innovation and Technology score is calculated as the sum of the following indicators, equally weighted:
Regulatory Environment
The Regulatory Environment score is calculated as the sum of the following indicators, equally weighted:
Economic Factors
The Economic Factors score is calculated as the sum of the following indicators, equally weighted:
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
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
