Singapore has overtaken the US to take the highest spot in international cryptocurrency adoption, in line with the 2025 World Cryptocurrency Rating Report launched by cryptocurrency change Bybit on Wednesday.
Based on the report, compiled with analysis associate DL Analysis, Bybit analyzed 79 nations utilizing 28 metrics and 92 knowledge factors to evaluate adoption patterns, regulatory frameworks, and person engagement.
Singapore, the US, and Lithuania are the highest three nations when it comes to cryptocurrency adoption. Nonetheless, Bybit praised the Asian city-state for integrating digital belongings into every day life and institutional infrastructure, outpacing the latter nations.
Vietnam and Hong Kong additionally made it into the highest 10, additional rising mass adoption charges in Southeast Asia.
Singapore ranks greater than the US within the Cryptocurrency Adoption Index report
Based on the digital foreign money change, IndexingSingapore topped the chart with a rating of seven.5, main in varied facets of adoption. The nation achieved good scores for Consumer Penetration (1.00) and Excessive Cultural Consciousness (0.96), outperforming the worldwide common for the underside half of the highest 10 nations ranked by the Adoption Index.
Singapore’s management, institutional readiness, and tradition of embracing digital finance create a crypto-friendly atmosphere for funding, with over 11% of the inhabitants reportedly holding cryptocurrencies.
Earlier this 12 months, the Financial Authority of Singapore (MAS) modified its stance on crypto regulation, introducing a transparent licensing framework that works alongside innovation-friendly insurance policies.
In April 2022, Singapore enacted the Monetary Providers and Markets Act (FSMA). This can be a complete regulation geared toward streamlining and strengthening MAS’s supervision of the monetary sector.
In June this 12 months, a number of provisions of FSMA got here into power, together with a licensing regime for digital token service suppliers (DTSPs) working in or from Singapore whereas serving abroad markets.
This regulation goes past earlier frameworks such because the Fee Providers Act, which solely regulated companies offered to home clients. DTSPs, which have a big presence in Singapore, at the moment are required to use for a license and adjust to anti-money laundering and combating the financing of terrorism (AML/CFT) obligations.
Nonetheless, MAS reiterated in its session response in Could that it’s “unlikely to approve functions by entities that present DT companies completely to foreigners from Singapore, given the excessive inherent ML/TF dangers and the restricted oversight that MAS can train over such entities.”
The clarification was made with 4 weeks’ discover earlier than the June 30 begin.
Stablecoins play an lively position within the international adoption of cryptocurrencies
Bybit’s report additionally famous the worldwide development in quantity of the stablecoin market around the globe, notably these pegged to currencies outdoors the US. Whereas US dollar-based stablecoins Tether (USDT) and Circle (USDC) dominate financial savings and hedging, stablecoins pegged to different currencies are used for funds and commerce.
Jesse Pollack, head of growth for Coinbase’s Base blockchain, referred to as on builders around the globe to create different tokens to dollar-pegged tokens.
“If you happen to take a look at the world in the present day, about 60% of the world’s overseas change reserves are in {dollars}, however there are dozens of different necessary currencies such because the euro, the yen, and even currencies just like the Nigerian naira, that are an enormous a part of the worldwide financial system. However at the moment they’re lacking from the crypto financial system,” Pollack surmised.
Based on Cryptopolitan in October reportOleg Ozienko, worldwide growth director of the A7A5 venture, mentioned cryptocurrencies backed by fiat currencies that aren’t denominated in US {dollars} might seize round 20% of the worldwide stablecoin market by 2028.
“One of many steady developments within the cryptocurrency trade is the lively growth of non-dollar stablecoins. Their development displays the rising demand for digital belongings backed by nationwide currencies, which is contributing to the diversification of the market,” Ozienko advised Russian information company RBC.
Alongside Singapore’s index information, Lithuania carried out properly in cultural preparedness and institutional penetration, incomes an total rating of 6.3 and unexpectedly touchdown within the high index rating. Switzerland and the United Arab Emirates additionally made it into the highest 5, whereas Vietnam and Hong Kong additionally made it into the highest 10.
A late October report from Chainalysis and TRM Labs named India, the US and Pakistan as main nations with elevated adoption charges, with particular point out of Ukraine, Moldova and Georgia when adjusting for inhabitants dimension.
