Singapore has become Asia's leading crypto market with a 55.4% rise in transactions, totaling $284 billion, according to Chainalysis.
Singapore has emerged as the leading crypto hub in Asia, boasting a remarkable 55.4% rise in digital asset transactions over the last year, totaling $284 billion, according to Chainalysis analysts.
In stark contrast, the broader crypto market across Central, Southeast Asia, and Oceania experienced a decline of 6.8%. Despite this downturn, some markets reported increased institutional participation and practical use of cryptocurrencies.
Institutional platforms significantly contributed to Singapore's growth, with transaction volumes from market makers, brokers, and OTC services soaring by 94% to $60 billion.
The percentage of assets held in non-custodial wallets in Singapore fell dramatically from 88% in 2023 to just 28% by mid-2026.
Australia secured the second spot in the region, with transaction volumes reaching $173.1 billion. Although this represented a 5.6% decrease overall, institutional inflows surged by 33.3%, approaching $40 billion, attributed to the introduction of crypto ETFs and improved regulatory frameworks.
India maintained its position in third place with $135 billion in transactions, despite a 14.7% drop. The nation remains the top regional source for inflows to centralized exchanges at $88.4 billion, although local platform usage has dwindled to below 1% as users shift to foreign exchanges, influenced by a 1% transaction tax enacted in 2022.
There has been a notable increase in demand for cross-border transfers utilizing stablecoins, with international transfer volumes surpassing domestic transfers by an average of 3.2 times. Malaysia reported a remarkable 30-fold increase in such transfers, while in the Philippines, stablecoins represent 5% to 10% of all incoming private remittances from abroad.
Together, the Philippines, Thailand, and Vietnam accounted for 14.4% of the global total for small P2P transfers (under $10,000), with an average transaction size of $618, contrasting with the global average of $1,210.
Analysts suggest that the region is evolving from speculative trading to a more stable infrastructure centered on asset tokenization, cross-border payments, and corporate capital management.
Additionally, on June 26, the Monetary Authority of Singapore included the perpetual DEX Hyperliquid in its list of services that may be mistakenly viewed as licensed.
