What To Know:
- Singapore tops Bybit–DL Research global ranking, driven by strong crypto adoption and clear regulation.
- US, Lithuania, Switzerland and UAE complete the top five in adoption readiness.
- The report tracks 79 countries using 28 metrics across usage, culture and institutions.
Bybit and DL Research released the World Crypto Rankings 2025, a data-rich index that measures how 79 countries are integrating digital assets into everyday life and formal institutions. The findings revealed that: Singapore tops the rankings, followed by the United States, Lithuania, Switzerland and the United Arab Emirates. But the report’s deeper message is more consequential, clear regulation and practical rails are the decisive accelerants of adoption.
Singapore Tops in Crypto Adoption Index
The report highlights three metrics that underscore that argument. Tokenization of real-world assets rose 63 percent to $2.57 billion. National-currency stablecoin initiatives accelerated across regions. On-chain payroll adoption climbed to 9.6 percent, with stablecoins representing more than 90 percent of these flows. Each data point speaks to an ecosystem that is maturing from pilot projects toward commercial infrastructure.
Methodologically, the index combines four pillars: User Penetration, Transactional Use, Institutional Readiness and Cultural Penetration. Built from 28 metrics and more than 90 data points, the framework mixes on-chain flows with app downloads, search traffic, licensing clarity and centralised exchange volumes. This design privileges comparative performance rather than raw scale, allowing small, well-governed states to outscore larger markets when they provide clear legal pathways and accessible onramps.
Singapore is an example of that dynamic. The city-state scored 7.5 overall, with perfect marks in user penetration and near-perfect cultural visibility. More than 11 percent of the population holds crypto. The Monetary Authority of Singapore has created licensing regimes that make regional headquarters and fintech stacks feel secure. Institutional players, retail users and regulators reinforce each other. The result is a market where experimentation is paired with legal certainty.
The United States sits second with a 7.3 score, driven by institutional readiness and transactional use. ETF approvals, custody networks and deep capital pools underwrite its leadership. But regulatory fragmentation among states and agencies remains a structural feature. That fragmentation coexists with unparalleled market depth; together they shape a system where institutional products scale fast while retail clarity lags behind.
Mid-sized European entrants such as Lithuania and Switzerland demonstrate a different route. Lithuania leverages licensing speed and fintech openness to attract exchanges and service providers. Switzerland combines academic depth, public discourse and a long-standing fintech culture to produce high cultural penetration. These countries show that regulatory clarity can convert jurisdictional agility into outsized influence.
Necessity-driven markets remain central to the global picture. Nigeria and Ukraine top transactional metrics where crypto is used for remittances, savings and cross-border flows that traditional banking cannot reliably provide. In those contexts, stablecoins function as operational money. That practical utility explains why stablecoin adoption is broad and cross-cutting.
The report’s policy implication is clear and urgent. Where governments design clear, proportionate rules and enable bank rails and custody, adoption concentrates and institutional capital flows. Where rules remain ambiguous or punitive, innovation migrates into informal channels. For investors and service providers, rule clarity reduces friction and risk. For users, it lowers the barrier to entry.
Looking ahead, the rollout of regulatory frameworks such as MiCA in the EU and national decisions in major emerging markets will shape tokenisation and on-chain payroll scale. Stablecoins and tokenised assets will likely spread where legal systems permit their commercial use. The coming year will test whether pilots translate into regulated markets or stall under uncertainty.
Also Read: Crypto Tax, Laws & Regulation in the USA
