- Vietnam and Hong Kong have entered the global top 10.
- Six markets from the Asia-Pacific region rank among the world’s top 20.
- Tokenization has surged by 63%, surpassing $25.7 billion.
Singapore’s rise to the top of global crypto adoption highlights a broad shift in how digital assets are being embedded across the Asia-Pacific region.
A new index published Tuesday by Bybit and DL Research shows that clearer regulation, growing retail participation, and novel blockchain use cases are changing the direction of innovation and increasing the region’s influence.
The findings also reveal that real-world asset tokenization, locally pegged stablecoins, and crypto-related employment are spreading into markets that historically relied on traditional financial systems, positioning the Asia-Pacific at the center of the industry’s next phase.
Regional leadership strengthens
The global crypto rankings used 28 indicators and 92 data points to evaluate 79 countries across regulation, institutional preparedness, and user engagement levels.
Singapore secured the top spot, overtaking the United States, which slipped in the latest rankings.
Lithuania, Switzerland, and the UAE completed the upper tier, marking a shift from the historically Western-dominated leaderboard.
The Asia-Pacific demonstrated one of the strongest performances overall, with six markets placing in the world’s top 20.
Vietnam ranked ninth, while Hong Kong claimed the 10th position after implementing a regulatory reset.
Australia followed closely in 11th place, and the Philippines and South Korea ranked 17th and 20th respectively.
This distribution points to widening adoption patterns as regional economies align regulation with user demand and market development.
New drivers of adoption
The report outlines how each market is advancing for different reasons.
Singapore’s top ranking reflects a clear regulatory framework, a structured licensing regime, and high participation rates.
Vietnam stands out for a different type of growth: roughly 20% of the population now owns digital assets, primarily for remittances, savings, and inflation hedging.
The index ranks Vietnam at the top globally for trading usage and adoption of decentralized physical infrastructure devices, indicating progress driven from the grassroots with retail users powering much of the activity.
Hong Kong’s 10th place reflects efforts to rebuild trust following regulatory changes and the rollout of a new licensing regime; its user penetration ranks eighth worldwide.
The report notes that the city positions itself as a bridge between Western and Asian financial structures, with stablecoins and tokenization acting as key catalysts for its recovery.
Emerging trends draw global attention
Beyond rankings, the research highlights three trends shaping behavior worldwide.
Tokenization of real-world assets has increased 63% since January, exceeding $25.7 billion.
This growth signals rising interest in converting traditional assets into blockchain-based tradable and payable forms.
Locally denominated stablecoins are also gaining momentum. These tokens are appearing in markets that want to support domestic and cross-border transactions while reducing reliance on the U.S. dollar.
Their rise suggests growing comfort with digital payment mechanisms among both institutional and retail users.
Together, these shifts reflect a move to integrate digital assets into everyday financial activity rather than treating them solely as investment instruments.