- Vietnam and Hong Kong enter the global top 10
- Six Asia-Pacific markets rank among the global top 20
- Tokenized real-world assets grow 63% to over $25.7 billion
Singapore’s rise to the top of global crypto adoption rankings signals a broader shift in how digital assets are embedding themselves across the Asia-Pacific region.
A new index published Tuesday by Bybit and DL Research shows the region gaining ground thanks to clearer regulatory frameworks, stronger retail participation, and emerging blockchain use cases.
The study also highlights growing adoption of tokenized real-world assets, local stablecoins, and crypto payroll solutions spreading into markets that historically relied on traditional financial systems.
Regional leadership intensifies
The World Crypto Rankings evaluated 79 countries using 28 indicators and 92 data points that examine regulation, institutional readiness, and levels of user engagement.
Singapore claimed the top spot, overtaking the United States, which fell in the latest edition.
Lithuania, Switzerland, and the United Arab Emirates also placed highly, marking a shift away from the Western-dominated leaderboard seen in previous years.
The Asia-Pacific region put in one of its strongest performances, with six markets landing in the global top 20.
Vietnam climbed to ninth place, while Hong Kong ranked tenth as regulatory resets began to take effect.
Australia followed closely at eleventh, with the Philippines and South Korea ranking seventeenth and twentieth respectively.
The geographic spread suggests adoption patterns are broadening as regional economies align regulations with user needs and market development.
New drivers behind adoption
The report outlines how individual markets are advancing for different reasons.
Singapore’s top ranking reflects a clear and comprehensive regulatory framework.
Vietnam stands out for a distinct growth profile: nearly 20% of the population owns digital assets, mainly for remittances, savings, and inflation hedging.
The index finds Vietnam leads globally in transactional usage and in the adoption of physical infrastructure for decentralized systems.
That points to an end-to-end buildout driven largely by retail users powering the activity.
Hong Kong’s tenth-place finish reflects efforts to rebuild confidence following regulatory changes and the introduction of a new licensing regime. User penetration there ranks eighth globally.
The report notes the city is positioning itself as a hybrid of Western and Asian financial structures, with stablecoins and tokenized products acting as key catalysts for recovery.
Emerging trends are gaining global traction
Beyond the rankings, the research identifies three broader trends shaping behaviour worldwide.
Tokenization of real-world assets jumped 63% to more than $25.7 billion since January.
This increase points to rising interest in converting traditional assets into blockchain-based forms for trading and settlement.
Local stablecoins are also gaining momentum. These tokens are emerging in markets that want to reduce dollar dependence while supporting domestic and cross-border transactions.
Their growth reflects increased comfort with digital settlement mechanisms among both institutional users and retail participants.
Overall, the trends underscore a shift toward integrating digital assets into everyday financial activity rather than treating them solely as speculative investments.