TL;DR
- Singapore Leadership: Singapore now leads global crypto adoption with 11% penetration, surpassing the US, thanks to clear regulation, institutional maturity, and strong user engagement.
- Vietnam Grassroots: Nearly 20% of Vietnam’s population owns crypto, ranking first worldwide for transactional use and decentralized infrastructure adoption.
- Global Trends: Tokenization surged 63% to $25.7B since January, local currency-pegged stablecoins gained traction, and crypto payroll expanded sharply.
Singapore has overtaken the United States to become the world’s leading country for cryptocurrency adoption, according to the World Crypto Rankings published by Bybit in collaboration with DL Research. The index evaluated 79 countries across 28 metrics and 92 data points, focusing on regulatory clarity, institutional readiness, and user penetration. The US, once first, slipped behind Singapore, with Lithuania, Switzerland, and the UAE completing the top five.
Asia-Pacific’s Rising Momentum
Asia-Pacific markets secured six positions in the top 20, underscoring the region’s growing influence. Vietnam ranked ninth, Hong Kong tenth, Australia eleventh, the Philippines seventeenth, and South Korea twentieth. Helen Liu, co-CEO of Bybit, emphasized that the region’s performance highlights regulatory leadership and grassroots momentum, positioning Asia-Pacific as a global pace-setter in crypto adoption.
Singapore’s Regulatory Edge
Singapore’s rise to the top reflects its strong regulatory framework, institutional maturity, and high user engagement. Over 11% of Singaporeans hold cryptocurrency, the highest penetration rate worldwide. The city-state’s licensing regime has attracted major exchanges and fintech firms, reinforcing its reputation as a hub for digital finance. This combination of clarity and accessibility has propelled Singapore ahead of traditional leaders.
Vietnam’s Grassroots Adoption
Vietnam has become the top developing market, driven by grassroots support rather than institutional infrastructure. Nearly 20% of its population owns digital assets, primarily for remittances, savings, and protection against inflation. The country ranked first globally for transactional use and decentralized physical infrastructure device adoption, signaling a bottom-up embrace of crypto that contrasts with Singapore’s institutional model.
Hong Kong’s Recovery and Global Trends
Hong Kong’s tenth-place ranking reflects recovery after regulatory reforms and a new licensing framework. User penetration ranks eighth globally, with the report noting Hong Kong’s role in bridging Western and Asian financial models through stablecoins and tokenization. Broader trends identified include a 63% surge in real-world asset tokenization to $25.7 billion since January, the rise of local currency-pegged stablecoins, and crypto payroll expansion, with 9.6% of professionals receiving partial salaries in digital assets in 2024, up from 3% in 2023.
