Singapore Regains Crypto Lead Amid Regional Decline

Singapore reclaimed its position as the leading crypto economy in Central & Southeast Asia and Oceania, according to Chainalysis's regional report. The city-state saw a significant surge in crypto activity, growing 55.4% to US$284 billion (AU$409 billion) in the year to June 30.

This growth was largely driven by institutional platforms, which saw a 94% increase in activity to US$60 billion (AU$86.4 billion). A small number of market makers, over-the-counter trading firms, and institutional brokerages handled much of this activity.

Australia ranked second at US$173.1 billion (AU$249.3 billion), with total activity down 5.6% but institutional-platform activity up 33.3% to US$39.92 billion (AU$57.5 billion).

Daniel Yang, head of compliance at Singapore trading firm QCP Group, attributed the city-state's growth to its strengthened digital asset rules and licensing regime.