Singapore has solidified its position as the primary crypto hub in Asia, with a remarkable 55.4% increase in digital asset transactions over the past year, reaching a total of $284 billion. This information was reported by analysts from Chainalysis.
Source: Chainalysis.In contrast, the overall crypto market in Central, Southeast Asia, and Oceania saw a decline of 6.8%. Despite this downturn, significant markets exhibited increased institutional activity and practical usage of virtual currencies.
Institutional platforms were the main drivers of Singapore's growth, with transaction volumes through market makers, brokers, and OTC services surging by 94% to $60 billion.
Source: Chainalysis.The proportion of assets held in non-custodial wallets in Singapore decreased from 88% in 2023 to 28% by mid-2026.
Source: Chainalysis.Australia ranked second in the region, recording $173.1 billion in transactions. Although the total transaction volume dropped by 5.6%, institutional inflows increased by 33.3%, nearing $40 billion. Experts linked this growth to the launch of crypto ETFs and the evolution of regulatory frameworks.
India retained its third position with a transaction volume of $135 billion, despite a 14.7% decrease. The country remains the regional leader in inflows to centralized exchanges at $88.4 billion. However, the share of local platforms fell below 1%, as users migrated to foreign exchanges due to a 1% transaction tax implemented in 2022.
Analysts also noted a significant surge in demand for cross-border transfers using stablecoins. Across the region, the volume of international transfers exceeded domestic transfers by an average of 3.2 times, with Malaysia seeing a staggering 30-fold increase. In the Philippines, stablecoins now account for 5% to 10% of all incoming private remittances from abroad.
The Philippines, Thailand, and Vietnam together generated 14.4% of the global total for small P2P transfers (under $10,000), with an average transaction size of $618 compared to $1,210 globally.
Source: Chainalysis.Analysts estimate that the region is transitioning from speculative trading to a more robust infrastructure focused on asset tokenization, cross-border payments, and corporate capital management.
It is noteworthy that on June 26, the Monetary Authority of Singapore added the perp-DEX Hyperliquid to its list of services that may be mistakenly perceived as licensed.
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