Singapore Leads Bybit World Crypto Rankings 2025

Singapore has been ranked first in Bybit’s World Crypto Rankings 2025, highlighting its position as one of the most structured and active digital-asset markets globally. The index, compiled in collaboration with DL Research, evaluates countries based on user activity, institutional readiness, and cultural engagement in crypto.

Singapore scored 7.5 out of 10, reflecting strong user penetration, high digital literacy, and an active institutional sector that supports regulated financial activity. Its licensing framework has helped create a robust pipeline connecting retail participants with regulated financial entities.

The United States followed closely with a score of 7.3, driven by trading volumes, custody activity, and an expanding base of tokenization projects involving major banks and asset managers. Lithuania ranked third at 6.3, remaining a preferred regulatory base for fintech and exchange firms. Other top ten markets include Switzerland, UAE, Ireland, Canada, the Netherlands, Vietnam, and Hong Kong.

The report identifies two adoption models in global crypto markets. Markets such as Singapore, the U.S., Switzerland, Lithuania, and the UAE demonstrate an institution-driven pattern, shaped by regulatory frameworks and financial infrastructure. By contrast, countries including Vietnam, Nigeria, Ukraine, and the Philippines rely on crypto for daily functions such as remittances, payments, and savings in response to economic or banking constraints—a pattern consistent with prior studies from Chainalysis and TRM Labs.

Institutional Adoption and Real-World Assets

The study also highlighted the rapid growth of real-world asset (RWA) tokenization. Excluding stablecoins, the market rose 63% since January 2024, reaching $25.7 billion by early 2025, with private credit and U.S. Treasuries representing the largest portions at $15.6 billion and $6.7 billion, respectively.

Institutional readiness remains strongest in the U.S., benefiting from regulatory clarity and engagement from Wall Street participants. BlackRock’s BUIDL fund continues to expand rapidly, holding between $1.8 billion and $2.28 billion in tokenized portfolios across multiple blockchains. Major banks including JPMorgan, Citi, and Goldman Sachs have broadened tokenized settlement and internal trading programs.

Canada now ranks second in institutional readiness with a score of 0.93, supported by upcoming regulations for banks and insurers set to take effect in 2026.