Singapore has overtaken the United States to claim the top spot in global cryptocurrency adoption, according to the 2025 World Crypto Rankings report released by crypto exchange Bybit on Wednesday.
According to the report compiled with its research partner DL Research, Bybit analyzed 79 countries using 28 metrics and 92 data points to assess adoption patterns, regulatory frameworks and user engagement.
Singapore, the United States, and Lithuania are the top three countries in terms of crypto adoption. However, Bybit praised the Asian city-state’s integration of digital assets into daily life and institutional infrastructure, surpassing those of the latter countries.
Vietnam and Hong Kong also ranked in the top ten, further strengthening the mass adoption rate in Southeast Asia.
Singapore Ranks Higher Than America in Crypto Adoption Index Report
According to the crypto exchange indexingSingapore tops the rankings with a score of 7.5, leading across several adoption dimensions. The country achieved perfect scores in user penetration (1.00) and high cultural visibility (0.96), which exceed the global averages of the bottom half of the top ten countries in terms of adoption index.
More than 11% of the population is estimated to hold cryptocurrencies, as Singapore’s leadership, institutional preparedness and a pro-digital finance culture have created a favorable environment for cryptocurrency investments.
The Monetary Authority of Singapore (MAS) changed its tone in favor of regulating cryptocurrencies earlier this year with a clear licensing framework working in tandem with innovation-friendly policies.
In April 2022, Singapore enacted the Financial Services and Markets Act (FSMA), a comprehensive piece of legislation intended to streamline and strengthen MAS’s supervision of the financial sector.
In June this year, several provisions of the FSMA came into force, including a licensing regime for digital token service providers (DTSPs) operating in or from Singapore while serving overseas markets.
The legislation goes beyond previous frameworks such as the Payment Services Act, which exclusively governed services provided to domestic customers. DTSPs with a significant presence in Singapore are now required to apply for licenses and comply with anti-money laundering and counter-terrorist financing (AML/CFT) obligations.
However, MAS reiterated in a response to the May consultation that it was “unlikely to approve any application by an entity to provide DT services from Singapore only to foreign persons, given the inherent higher ML/TF risks and the limited oversight that MAS can exercise over such entities”.
The clarification was issued with four weeks’ notice before the June 30 start.
Stablecoins at stake for global crypto adoption
Bybit’s report also mentions the global growth in stablecoin market volumes around the world, especially those related to non-US currencies. US dollar-based stablecoins Tether (USDT) and Circle (USDC) dominate savings and hedging, but stablecoins pegged to other currencies are used for payments and trading.
Jesse Pollak, lead developer of Coinbase’s Base blockchain, called on developers around the world to create alternatives to dollar-pegged tokens.
“If you look at the world today, about 60% of the world’s monetary reserves are dollars, but there are also dozens of other essential currencies, whether it’s the euro, the yen, or even currencies like the Nigerian naira, which represent a significant part of the global economy. But at the moment, they are missing in the crypto-economy,” Pollak surmised.
According to an October Cryptopolitan reportdirector of international development of the A7A5 project, Oleg Ogienko, said that cryptocurrencies backed by fiat currencies and not denominated in US dollars could capture around 20% of the global stablecoin market by 2028.
“One of the stable trends in the crypto industry is the active development of non-dollar stablecoins. Their growth reflects the growing demand for digital assets backed by national currencies, which contributes to market diversification,” Ogienko told Russian media outlet RBC.
Alongside the Singapore index news, Lithuania made a surprise entry into the index’s first ranking with an overall score of 6.3 after a strong performance in cultural readiness and institutional penetration. Switzerland and the United Arab Emirates also make the top five, while Vietnam and Hong Kong enter the top ten.
The late October report from Chainalysis and TRM Labs ranked India, the United States, and Pakistan among the top countries in terms of rising adoption rates, with special mentions for Ukraine, Moldova, and Georgia when adjusting for population size.
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