Asia's growing acceptance of cryptocurrencies and stablecoins is fostering regulated advancements in payment systems and remittances, with Singapore, Hong Kong, India, and Korea at the forefront.
By Hassan Ahmed|Edited by Sarah Morton May 28, 2026, 3:00 p.m. 6 min readMake preferred on (Kevin Segal/ Unsplash+)Key Highlights:
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In this edition, Hassan Ahmed discusses the current landscape of crypto, stablecoins, and regulations in Asia, drawing comparisons to other regions.
Additionally, in “Ask an Expert,” Xin Yan, CEO of Sign, responds to inquiries regarding the adoption of crypto and stablecoins in Asia.
Understanding Crypto Adoption in Asia: Essential Insights for Advisors
The current state of crypto in Asia
The perception of Asia as merely an emerging market in the crypto space is outdated. It has become one of the most sophisticated markets for digital assets. Numerous jurisdictions within Asia are integrating digital assets, particularly stablecoins, into their financial systems for payments, settlements, treasury management, and remittances, viewing them as more than mere speculative assets.
Evidence of this trend is apparent in the region's stablecoin transactions, which accounted for $12.5 trillion in 2025, marking a 67% increase from $7.5 trillion the previous year—the highest globally. This surge is not attributed to speculative trading but indicates substantial utility, as both businesses and individuals utilize stablecoins for faster and cheaper cross-border transactions.
Singapore as an illustrative example
Singapore exemplifies an effective regulatory framework in action. A study by Coinbase and MoneyHero Group revealed that 61% of financially-savvy Singaporeans now own crypto. Notably, the ownership among Gen Z surged from 18% to 36% in just one year, contrasting sharply with earlier trends where ownership was predominantly among tech enthusiasts and early adopters.
This transformation was not coincidental. Over nearly a decade, Singapore has developed a strategic regulatory framework, with regulators and industry stakeholders collaborating at each stage. Starting in 2016, Singapore initiated Project Ubin to test blockchain infrastructure, subsequently implementing a licensing framework for digital payment tokens via the Payment Services Act. This was followed by institutional DeFi pilots under Project Guardian in 2022 and, most recently, BLOOM in 2025 to enhance institutional infrastructure.
The outcome is a market where regulatory clarity, institutional infrastructure, and industry participants function cohesively. The results are already apparent: Singapore is home to over 700 fintech companies and more than 300 Web3 enterprises, with institutional crypto trading volumes reaching tens of billions. Singapore is not just an outlier but a glimpse into the future for other markets.
Varied use cases across Asia
Adoption trends in Asia are also structurally diverse. Unlike other regions that often focus on a single use case, Asian markets are excelling in various sectors influenced by their regulatory frameworks and economic conditions. This diversity underscores how crypto serves as a multifaceted financial infrastructure. Hong Kong, Korea, and India exemplify how adoption manifests in different ways.
Hong Kong has emerged as a center for institutional digital asset activity, bolstered by targeted pilot programs and transparent regulations. In 2024, spot bitcoin and ether ETFs received approval, granting institutional investors regulated access to crypto for the first time. In early 2026, two stablecoin licenses were awarded to groups led by HSBC and Standard Chartered, indicating that Hong Kong's digital asset ecosystem is open to established financial institutions as active participants rather than mere observers.
India showcases a different adoption model focused on economic necessity rather than institutional infrastructure. With approximately 119 million crypto users, India boasts the largest user base globally, contributing over $100 billion in annual remittances. The country's digital foundation facilitates this, with the Unified Payments Interface (UPI) managing over 20 billion transactions a month, and a significant number of smartphone users enabling crypto adoption to extend beyond major urban centers into wider regions.
Korea distinguishes itself with high retail participation, as about 33% of Korean adults own crypto, roughly double the percentage in the US, with trading volume on Korean exchanges reaching around 1.76 trillion Won by the end of 2025. This signifies that crypto trading has become a common financial activity for a substantial portion of the population, with regulators striving to provide structure to a market that has matured beyond its initial adoption phase.
Looking Ahead
The next stage involves achieving interoperability, beyond mere adoption or regulation. Asia has established robust regulations and a solid base of both institutional and retail participants. However, fragmented markets still pose challenges. Future growth will hinge on collaboration across jurisdictions. A cohesive framework would facilitate the movement of funds and users across borders, alleviating the friction that currently hampers the region's full potential.
The upcoming CLARITY Act is poised to set a new global standard. When the largest economy in the world establishes regulations, others tend to follow suit. Asian regulators will need to adapt their frameworks to remain competitive and maintain their regulatory advantage.
Advisors should monitor several indicators over the next year: increases in cross-border stablecoin transactions, the development of regional settlement frameworks, and the responsiveness of individual markets to the CLARITY Act. Effective policy design and regional collaboration will shape Asia’s role in the forthcoming financial landscape.
- Hassan Ahmed, country director, Coinbase, Singapore
Expert Insights
Q. How does the Asian economic landscape look concerning long-term crypto and stablecoin adoption?
Asia is at the forefront of practical stablecoin adoption, particularly in areas like payments, remittances, treasury management, and cross-border trade. Data indicates that over half of the institutions in the region are already utilizing stablecoins, with many others either testing or planning to adopt them.
Stablecoins are becoming a foundational component of the region's evolving payment infrastructure. A new payment system backed by stablecoins is emerging across Asia, facilitating P2P, real-time, multi-currency transactions that allow for seamless travel and payments across borders.
Q. What recommendations do you have for investors and advisors looking to integrate crypto and stablecoins into their portfolios, given the current outlook in Asia?
Stablecoins should not be viewed as speculative assets; their value lies in their utility rather than potential price increases. They are designed to retain a stable value, hence their name. The rising popularity of stablecoins necessitates that investors and advisors distinguish between crypto investments and the growth of stablecoin-driven financial frameworks.
As regulatory clarity improves across Asia, we anticipate significant advancements in on-chain foreign exchange, cross-border remittance networks, B2B payment infrastructures, tokenized treasury operations, and other related applications. Thus, investment opportunities will be found in what is developed on top of these systems.
This includes businesses, payment networks, infrastructure providers, and financial applications centered around on-chain settlements and programmable money.
Q. Do you believe that regulations and perspectives on crypto will transform how the region manages crypto, or should advisors adapt their strategies moving forward?
Regulators in the region are increasingly aligning on fundamental principles, creating significant momentum for companies operating transnationally.
The region is shifting from lightly regulated speculative markets to institutional-grade digital asset frameworks that emphasize compliance, licensed issuers, reserve backing, guaranteed redemption rights, consumer protection, and payment functionality. This transition is instilling greater confidence in financial institutions and enterprises to engage in the ecosystem.
As jurisdictions modify these principles to fit their financial systems at varying paces and according to their priorities, we observe a regulatory convergence that fosters a more predictable environment for crypto firms. As cross-border inconsistencies diminish, the compliance framework is becoming clearer and more transferable for advisors, although due diligence at the jurisdictional level remains critical.
Advisors must adapt by moving beyond outdated narratives surrounding crypto to comprehend regulated applications. As stablecoins integrate into the financial infrastructure, those who understand both traditional finance and blockchain-based systems and who are constructing frameworks suited to the emerging regulatory landscape will be better positioned for future developments.
Continue Reading
- Mastercard obtains a New York BitLicense, allowing the payments giant to manage digital asset and stablecoin operations.
- The stablecoin market reaches a historic $322 billion, surpassing the FX reserves of 95 countries.
- Banca Sella becomes the first Italian bank permitted to provide crypto custody and transfer services under MiCA.
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