Singapore is the world’s most ‘crypto obsessed’ country, a new report has revealed, with the United Arab Emirates and the United States rounding up the top three.
The report by ApeX Protocol ranked countries according to growth in adoption over recent years, the share of the population that owns digital assets, internet search activity, and the availability of digital currency ATMs.
Singapore scored a perfect 100, with an ownership rate of 24.4% as of 2024, the second highest globally. It marks remarkable growth from 11% of Singaporeans owning digital assets in 2021.
The Asian country also ranked first for Internet search activity, with over 120,000 searches, or 2,000 searches for every 100,000 residents.
While it topped the latest report, Singapore ranked 15th overall in Chainalysis’ Global Crypto Adoption Index, published in September. Its highest ranking was in DeFi value received at 13th.
Source: ApeX ProtocolSingapore has become one of the global hubs for tokenization, with the Monetary Authority of Singapore (MAS) setting the pace with Project Guardian. The tokenization project boasts global giants, including Standard Chartered (NASDAQ: SCBFF), Citi (NASDAQ: C), HSBC (NASDAQ: HSBC), S&P Global (NASDAQ: SPGI), UBS (NASDAQ: UBS), and Moody’s (NASDAQ: MCO), as members.
Singapore is also positioning itself as a leader in the emerging stablecoins sector, and this week, it beat rival Hong Kong in launching the first stablecoin pegged to its Singaporean dollar (SGD). Local stablecoin firm StraitsX, which launched the XSGD stablecoin, says it “enhances Singapore’s appeal as a hub for both global capital markets and Asia’s digital economy.”
UAE tops ownership, US leads in ATMs
At a composite score of 99.7, the UAE ranked second after Singapore. The Middle Eastern country topped the digital asset ownership charts at 25.3%. According to ApeX, ownership has surged 210% since 2019, with clearer regulations and a push by the government to foster adoption credited for the uptake.
The U.S. ranked third overall, scoring 98.5, and led in ATM availability by a significant margin. The country is home to over 30,000 digital asset ATMs, nearly 10 times as many as second-placed Canada, which has 3,700. It accounts for almost 80% of all digital currency ATMs globally.
In the Chainalysis ranking, the U.S. placed second globally, behind only India, and moved up two spots from its 2024 position.
Canada and Turkey rounded up the top five. The former’s strong ATM presence contributed to its ranking, with the latter’s high digital asset ownership of 19.3% placing it in third globally.
Commenting on the report, a spokesperson for ApeX said it proved that “crypto is no longer on the fringe.
“It’s becoming part of how countries define their financeal future, not just as an investment, but as a reflection of how people engage with technology, money, and trust in the digital age.”
DBS: Hong Kong’s ‘harsh’ stablecoin laws limit derivatives trading
Elsewhere, Sebastian Paredes, the CEO of DBS Bank’s (NASDAQ: DBSDY) Hong Kong operations, claims that the city’s strict laws have limited the use of stablecoins in derivatives trading on blockchain platforms.
Speaking at a recent event, Paredes informed attendees that Hong Kong’s stablecoin framework, which took effect on August 1, has imposed stringent Know Your Customer (KYC) and anti-money laundering (AML) standards on stablecoin issuers, thereby restricting their use in certain financial applications.
Paredes joins a host of other leaders who have criticized the Stablecoin Ordinance as too harsh, especially on smaller players. Industry sources have revealed that several interested applicants have withdrawn from the licensing race and are awaiting the outcome to see how major players like Ant Group and JD.com (NASDAQ: JD) fare.
This skepticism was reflected in the license applications, as according to the HKMA, only 36 institutions applied for the stablecoin license in September, less than half the applications in August. While it didn’t reveal the identity of the applicants, it claimed they included banks, tech firms, and payment service providers.
The city expects to issue its first batch of stablecoin licenses in early 2026, revealed Christopher Hui, the Treasury Secretary.
While DBS (NASDAQ: DBSDY) expects the stablecoin regime to deter some companies, the Singaporean bank will continue to build stablecoin infrastructure in Hong Kong, Paredes said.
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Source: https://coingeek.com/singapore-is-the-most-crypto-obsessed-country-report/
