Why Singapore and the UAE have become crypto megacities: data reveals the secret

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A new study by ApeX Protocol revealed an interesting trend: two countries in the Asia-Pacific region are creating a gap against competitors in the race for crypto adoption.

Singapore ranked first with a composite score of 100 — 24.4% of the population owns crypto. This is not just a number: six years ago it was only 11%. In terms of search activity, the city-state generates 2000 crypto queries per 100,000 people. This means that crypto has become part of everyday conversation there.

UAE figured it out quite quickly (second place, score 99,7) — 25.3% of the population holds digital assets. Since 2019, adoption has increased by 210%, with the peak occurring in 2022, when fresh data showed 34% engagement. Zero tax on capital gains from crypto trading, staking, and mining? Works great.

The USA ranks third with a score of 98.5 — leading with infrastructure (30+ thousand crypto ATMs). Canada is fourth (+225% growth), Turkey is fifth (19.3% of the population).

What does it really mean

This is not just statistics — it is a signal that crypto has ceased to be a niche for speculators. A qualified regulatory framework is working. The Singapore Payment Services Act has provided a balance between innovation and compliance (Global Bitcoin Policy Index: 95/100). The UAE has chosen tax incentives.

The scale of borrowing is impressive:

  • Asia-Pacific transaction volumes: $2.36 trillion (June 2024–2025), growth +69% annually
  • Crypto millionaires in the world: +40% to 241,700 people
  • Bitcoin millionaires: +70% to 145,100

Institutional capitulation is evident: the US revoked SAB 121 ( banks can now hold crypto ), the EU launched MiCA ( standardized framework for 27 countries ), corporate Bitcoin assets have nearly doubled, tokenized real assets exceeded $22.5 billion.

Singapore and the UAE have invented the formula: clear law + transparent fiscal policy + modern infrastructure = a global crypto-magnetic field. Other countries are watching and learning.

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