Singapore has overtaken the US to take the highest spot in international cryptocurrency adoption, based on the 2025 World Cryptocurrency Rating Report launched by cryptocurrency alternate Bybit on Wednesday.
In keeping with the report, compiled with analysis accomplice 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 by way of cryptocurrency adoption. Nonetheless, Bybit praised the Asian city-state for integrating digital property into day by day life and institutional infrastructure, outpacing the latter nations.
Vietnam and Hong Kong additionally made it into the highest 10, additional growing mass adoption charges in Southeast Asia.
Singapore ranks greater than the US within the Cryptocurrency Adoption Index report
In keeping with the digital foreign money alternate, IndexingSingapore topped the chart with a rating of seven.5, main in varied facets of adoption. The nation achieved excellent scores for Person 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 yr, 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 Companies and Markets Act (FSMA). This can be a complete legislation geared toward streamlining and strengthening MAS’s supervision of the monetary sector.
In June this yr, 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 legislation goes past earlier frameworks such because the Fee Companies Act, which solely regulated companies supplied to home prospects. DTSPs, which have a big presence in Singapore, are actually 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 purposes by entities that present DT companies solely 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 function within the international adoption of cryptocurrencies
Bybit’s report additionally famous the worldwide progress in quantity of the stablecoin market world wide, significantly these pegged to currencies exterior 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 improvement for Coinbase’s Base blockchain, referred to as on builders world wide to create different tokens to dollar-pegged tokens.
“In case you have a look at the world at this time, about 60% of the world’s international alternate 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 economic system. However at the moment they’re lacking from the crypto economic system,” Pollack surmised.
In keeping with Cryptopolitan in October reportOleg Ozienko, worldwide improvement director of the A7A5 undertaking, stated 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 secure traits within the cryptocurrency business is the lively improvement of non-dollar stablecoins. Their progress displays the rising demand for digital property backed by nationwide currencies, which is contributing to the diversification of the market,” Ozienko informed Russian information company RBC.
Alongside Singapore’s index information, Lithuania carried out nicely in cultural preparedness and institutional penetration, incomes an general 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 measurement.
