Singapore Leads Global Crypto Adoption Rankings, U.S. Drops to Second Place

As per the latest index released by cryptocurrency exchange Bybit in collaboration with DL Research, Singapore has risen to the top of cryptocurrency adoption, surpassing the United States.

Key Takeaways:

Singapore ranks first globally for cryptocurrency adoption, overtaking the U.S.
The ranking evaluates 79 countries on regulatory frameworks, institutional readiness, and user penetration.
Asia-Pacific markets, including Vietnam and Hong Kong, show significant growth in cryptocurrency engagement.
Major trends indicate rising tokenization of assets, development of local stablecoins, and expanded use of cryptocurrency in payroll systems.

Singapore tops Bybit global crypto adoption rankings in 2025

Overview of the Crypto Rankings

According to Bybit's World Crypto Rankings, 79 countries were evaluated using 28 different metrics and 92 data points. The assessment examined aspects such as regulatory frameworks, readiness of institutions, and the level of user engagement. Consequently, the U.S. dropped from its previous first-place position, while Lithuania, Switzerland, and the UAE took the next spots in the rankings.

Among the top 20 rankings, six positions belong to Asia-Pacific countries, with Singapore at the top, followed by Vietnam at ninth and Hong Kong at tenth. Australia ranked eleventh, the Philippines seventeenth, and South Korea twentieth.

Helen Liu, co-CEO of Bybit, acknowledged in a statement that the Asia-Pacific region is at the forefront of the cryptocurrency industry, showcasing strong regulatory initiatives and grassroots movements.

Key Insights on Singapore’s Success

Singapore’s rise to the top is attributed to its clear regulatory environment, developed institutional frameworks, and a high level of user involvement. According to the index, over 11% of Singaporeans own cryptocurrency, marking the highest global user penetration rate. The city-state’s comprehensive licensing system has successfully attracted numerous major exchanges and fintech companies.

Vietnam: A Rising Star in Crypto

Vietnam has emerged as the strongest performing developing market based on grassroots cryptocurrency adoption rather than a robust institutional infrastructure. The findings reveal that nearly 20% of the Vietnamese population holds digital assets, primarily for remittances, savings, and protection against inflation. The nation stands out as the global leader in the transactional use of digital currencies and the adoption of decentralized physical infrastructure devices.

Hong Kong's Recovery

Hong Kong's tenth-place position in the rankings signifies a positive turnaround following major regulatory changes and the implementation of a new licensing framework. The region enjoys the eighth-highest user penetration rate globally and is perceived as a connector between Western and Asian financial systems through the use of stablecoins and tokenization.

Emerging Trends in Cryptocurrency

The report highlights three significant trends:

Tokenization of Real-World Assets: There has been a remarkable 63% growth in this sector, with its value exceeding $25.7 billion since January.
Introduction of Local Currency-Pegged Stablecoins: Markets are increasingly adopting these stablecoins to decrease reliance on the U.S. dollar.
Growth of Crypto Payroll: By 2024, 9.6% of professionals are expected to receive part of their salary in digital currency, up from 3% in 2023.