Singapore’s crypto economy grew 55.4% to reach $284 billion in the year leading up to June 2026. A recent report from Chainalysis reveals that the city-state diverged from regional trends, as the Central and Southern Asia and Oceania (CSAO) region recorded a 6.8% contraction over the same period.
This surge reinstated Singapore as the largest crypto economy in the CSAO region. The divergence was propelled by a 94% jump in institutional platform activity, reaching $60 billion. The segment was dominated by market makers, OTC desks, and institutional brokers.
Strict Regulations Filter Players
The Monetary Authority of Singapore (MAS) previously tightened oversight, requiring local crypto firms serving overseas clients to obtain a license or exit. StraitsX CEO Tianwei Liu noted that this cleanup reduced speculative activity, leaving institutional players in place. MAS’s support for tokenization, stablecoins, and digital asset settlements also helped attract institutional capital.
MAS is also piloting regulated stablecoins and tokenized bank deposits through the BLOOM program. On March 25, Ripple joined the initiative to test cross-border trade settlements using its RLUSD stablecoin.
Regional Neighbors Dominate Retail
While Singapore absorbed institutional funds, the Philippines, Thailand, and Vietnam stood out in small-scale peer-to-peer (P2P) transfers under $10,000. These three nations recorded a combined 5.4 million P2P transfers. Although they represent only 2.5% of the global crypto economy, their P2P volume accounted for 14.4% of total worldwide P2P activity.
Stablecoin adoption was the primary driver in the region’s retail segment. PDAX CEO Nichel Gaba noted that 5% to 10% of inbound remittances to the Philippines were settled using stablecoins. Thailand recorded a domestic stablecoin market worth $10.4 billion, alongside Vietnam at $6.9 billion.
Chainalysis data shows that cross-border stablecoin activity dominated with volumes 3.2 times larger than domestic usage across the monitored markets. The region has effectively split roles: Singapore caters to institutions, while surrounding countries utilize digital assets for remittances and day-to-day transfers. Reported by Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
