Singapore is winning the US in 2025 crypto adoption by the city-state, taking the first place in the latest World Crypto Rankings published by Bybit.
As the report states, Singapore has become the world leader in terms of adoption because of the effective institutional backing, clear-cut regulation, and increased interest of people in digital assets.
Good results in user interaction and control
Bybit teamed up with DL Research to evaluate 79 countries using 28 metrics and 92 data points. The analysis included the behavior of the users, the regulatory environment, and cultural exposure. Singapore has a total score of 7.5 and got perfect scores in the user penetration. It is recorded that over 11% of its population owns cryptocurrency. The results bring out a culture of digital finance with stable leadership and institutions.
The Monetary Authority of Singapore provided an easy way forward to industry players. The Financial Services and Markets Act was a significant milestone in the enhancement of control. Provisions that came into force in this year established a licensing regime for digital token service providers in Singapore or based in Singapore. These organizations should comply with rigid regulations regarding the prevention of financial crime.
MAS warned that it will not accommodate operators with only overseas markets. The regulator referred to a greater risk and a lack of supervisory control. This is a notice that was declared in May, before the compliance deadline of June. The guidelines strengthened the responsible innovation strategy of Singapore.
Southeast Asia is still a rapidly developing area
Both Vietnam and Hong Kong made it in the top ten. Their emergence helps in the trend of making Southeast Asia a key center of daily crypto usage. According to Bybit, the area is characterized by a high retail participation and rising institutional participation. Another surprise to the analysis was the entry of Lithuania to the leading positions that were achieved because of high cultural preparedness and institutional penetration.
Switzerland and the United Arab Emirates came next to the top five. Chainalysis and TRM Labs said there has been increased adoption in India, the United States, and Pakistan. Ukraine, Moldova, and Georgia were also featured in their analysis, taking into account the population size.
Non-dollar stablecoins gain traction worldwide
The Bybit report saw an increased utilization of non-US dollar stablecoins. Savings and hedging are still dominated by USDT and USDC. Nevertheless, developers have been advocating new currencies pegged to the euro, yen, and emerging market currencies. According to the arguments of the industry leaders, these assets have the ability to capture new demand for global payments.
It is projected that non-dollar stablecoins will grow to occupy a fifth of the world market within the next five years (2028). This change is viewed by proponents as a wider diversification in digital finance.
The fact that Singapore managed to reach first place is a sign of the high level of regulatory clarity and popularization. The results indicate that Southeast Asia still defines the trends in the field of cryptos worldwide.
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