- Crypto adoption in Singapore leads globally, driven by high retail participation and strong regulations.
- Lithuania ranks third due to its open regulatory framework and appeal to crypto startups.
- Stablecoins, especially those tied to local currencies, are becoming increasingly popular worldwide.
A new report published by Bybit and DL Research placed Singapore at the top of the global crypto adoption ratings. The research, titled “The World Crypto Rankings 2025,” examined the use of digital currencies in 79 countries.
The report highlights Singapore’s uniqueness, noting that it is not only the most traditional crypto owner and the largest trader of cryptocurrencies, but also that digital assets have become a significant component of everyday finances.
High retail participation is notable, with local developers actively developing blockchain projects. Strong regulations are present in the country, leading to innovation as well as proper control.
Singapore is a leader for several reasons. A large number of citizens actively use crypto, and developers are busy developing products. The regulators in the country have managed to balance between strict regulations and facilitating safe innovation.
Key Factors Driving Singapore’s Crypto Dominance
Singapore ranks at the top in all four measurements evaluated in the report: user penetration, transactional use, institutional readiness, and cultural awareness. This contributes to Singapore being one of the most balanced crypto ecosystems globally.
The United States is ranked second, primarily due to the inclusion of large financial markets and institutional orientation. The recent expansion in regulated investment products, especially spot ETFs, has assisted in taking crypto deeper into mainstream finance.
Lithuania comes in third, although it is a much smaller country. Digital currency companies have opened up business in Lithuania as a result of its proactive and open regulatory framework.
As an EU member and a participant of the Markets in Crypto-Assets (MiCA) regulatory framework, Lithuania currently hosts several exchanges, payment companies, and projects involving tokenization. Its emergence is indicative of a wider tendency in the report: smaller economies with straightforward laws can perform better than those of bigger ones.
Also Read: Bybit Teams with Circle to Expand USDC Access and Strengthen Crypto Markets
Crypto Rankings Based on Integration and Country Size
Most crypto rankings focus on the number of users or trading volumes. However, the Bybit-DL Research report adopts a unique approach, evaluating the level of digital currency integration in a country based on its size.
The report also emphasizes the rapid growth of real-world asset tokenization. Since January 2024, the market for tokenized RWAs, excluding stablecoins, has surged by over 63%, reaching $25.7 billion in early 2025.
Source: Bybit Report
Private credit and U.S. Treasuries notably lead the sector, with holdings of $15.6 billion and $6.7 billion, respectively. The United States stands out with the highest institutional readiness, achieving a perfect score, thanks to clear regulations and strong engagement from Wall Street.
The approach enables smaller nations that are digitally active, such as Estonia, Luxembourg, Malta, and Cyprus, to be highly ranked. These countries, in spite of having small populations, possess powerful regulatory frameworks and have an appeal to numerous startups.
Digital currencies are being used as day-to-day items in numerous developing countries, such as for transferring funds internationally, receiving remittances, and safeguarding savings against inflation and currency fluctuations.
Countries such as Vietnam, Ukraine, and Nigeria are unique because people use digital currency on a daily basis. In Vietnam, crypto is a widely used mode of transaction for goods and online shopping.
The war’s disruptions have made stablecoins a crucial financial instrument in Ukraine. In Nigeria, where inflation and a lack of fiat currency are prevalent, many households rely on peer-to-peer digital currency and stablecoins for their financial transactions.
Also Read: Ripple Expands Payment Services in Singapore with MAS Approval
