- Vietnam and Hong Kong enter the global top 10.
- Six Asia-Pacific markets rank among the global top 20.
- Tokenization rises 63% to more than $25.7 billion.
The rise of Singapore to the top of global crypto adoption marks a broader shift in how digital assets are taking root across the Asia-Pacific region.
A new index published Tuesday by Bybit and DL Research highlights the region’s growing influence as clearer regulation, retail participation and new blockchain use cases reshape where innovation is happening.
The findings also show that real-world asset tokenization, local currency stablecoins and crypto payrolls are spreading into markets that have traditionally relied on conventional financial systems, positioning Asia-Pacific at the center of the industry’s next phase.
Regional leadership intensifies
The Global Crypto Rankings evaluated 79 countries using 28 metrics and 92 data points that examine regulation, institutional readiness and levels of user engagement.
Singapore claimed the top spot, overtaking the U.S., which slipped in the latest edition.
Lithuania, Switzerland and the UAE completed the top tier, signaling a shift away from a Western-dominated leaderboard seen in previous years.
Asia-Pacific posted one of the strongest performances, with six of its markets listed among the global top 20.
Vietnam reached ninth place, while Hong Kong secured tenth as its regulatory reset takes effect.
Australia followed closely at eleventh, and the Philippines and South Korea ranked seventeenth and twentieth, respectively.
The distribution indicates that adoption patterns are broadening as regional economies align regulation with consumer demand and market development.
New drivers behind adoption
The report outlines that each market advanced for different reasons.
Singapore’s top ranking reflects a clear regulatory framework, a structured licensing regime and a high level of participation.
Vietnam stands out for a different kind of growth. Nearly 20% of the population owns digital assets, largely for remittances, savings and as an inflation hedge.
The index shows Vietnam ranks first globally for transactional usage and for use of decentralized physical infrastructure devices.
That indicates the country’s progress is driven from the bottom up, with retail users powering much of the activity.
Hong Kong’s tenth-place ranking reflects its attempt to rebuild confidence following regulatory changes and the introduction of a new licensing system. Its user penetration places it eighth globally.
The report notes the city positions itself as a blend of Western and Asian financial structures, with stablecoins and tokenization acting as key catalysts for recovery.
Emerging trends gaining global traction
Beyond rankings, the findings highlight three trends shaping global behavior.
Real-world asset tokenization has grown 63% to more than $25.7 billion since January.
That rise points to increasing interest in converting traditional assets into blockchain-based formats for trading and settlement.
Stablecoins pegged to local currencies are also on the rise. These tokens appear in markets looking to reduce reliance on the dollar while supporting domestic and cross-border transactions.
Their growth suggests greater comfort with digital settlement mechanisms across institutional and retail users.
Together, these developments reflect a move to integrate digital assets into everyday financial activity rather than treating them solely as investment instruments.