Singapore earned a perfect composite score of 100 in a recent report by ApeX Protocol examining global cryptocurrency adoption, closely followed by the United Arab Emirates at 99.7. The analysis, published late September 2025, comes as Bitcoin recently surpassed $120,000, with traders eyeing potential rallies as October historically brings bullish momentum to digital asset markets.
Nearly one in four Singapore residents now holds cryptocurrency, with ownership reaching 24.4% in 2024, more than double the 11% recorded in 2021. The city state also leads in search activity, recording approximately 2,000 crypto related queries per capita, demonstrating sustained public interest beyond just investment holdings.
The UAE ranked second with 25.3% of its population owning cryptocurrencies, actually edging out Singapore in raw ownership rates, though its composite score landed slightly lower when factoring in other metrics. Crypto adoption in the UAE has grown by more than 210% in recent years, supported by government initiatives promoting blockchain technology and attracting crypto businesses.
The methodology behind the rankings examined four factors: the share of population owning cryptocurrency in 2024, adoption growth since 2019, online search activity measured per 100,000 people, and the number of cryptocurrency ATMs in operation. The study assigned 30% weight to ownership, 25% to adoption growth, 25% to search activity, and 20% to ATM availability. Each country’s composite score was then rescaled so the top performer received 100.
The United States ranked third with a score of 98.5, driven primarily by infrastructure including over 30,000 cryptocurrency ATMs, ten times more than any other country examined. The US also saw 220% growth in crypto use since 2019, while 15.5% of Americans currently hold digital assets.
Canada placed fourth with a composite score of 64, posting the highest adoption growth rate at 225%. Currently, 10.1% of Canadians own cryptocurrency, while the country operates the second largest crypto ATM network globally with 3,500 machines.
Turkey rounded out the top five, scoring 57.6 with the third highest crypto ownership rate globally at 19.3%. The country sees nearly 1,000 crypto related searches monthly per capita, reflecting strong retail interest.
Germany ranked sixth among European countries, scoring 48.4 with 225% adoption growth matching Canada’s pace. German crypto ownership reportedly grew from around 10% in 2020 to approximately 32.5% today, though this figure appears questionable given the ranking shows 8.2% ownership for 2024. The country records about 1,200 crypto related searches per capita.
Switzerland took seventh place with a score of 46.2, distinguished by having one of the highest crypto search volumes at 2,100 queries per 100,000 people, second only to Singapore. Known for its Crypto Valley region in Zug, Switzerland maintains 11.5% crypto ownership.
Australia came eighth, scoring 45.1 with the third largest crypto ATM network globally at 1,900 machines. The country’s 9.6% crypto ownership rate combined with 128% adoption growth earned its position among top crypto engaged nations.
Argentina ranked ninth with a score of 37.6, the only South American country in the top ten. Argentina has the third highest ownership rate at 18.9%, with adoption growing 87.5% driven partly by economic volatility spurring interest in alternative stores of value.
Indonesia completed the top ten with a final score of 37.1. Crypto adoption has grown 163% in Indonesia, where currently 14% of the population owns digital assets. Crypto related searches remain comparatively lower at 247 queries per 100,000 people.
A spokesperson from ApeX Protocol commented on the findings: “Crypto is no longer on the fringe; it’s becoming part of how countries define their financial future. From cultural curiosity to institutional momentum, the global landscape is shifting fast. What stands out most is how embedded crypto has become in everyday life, not just as an investment, but as a reflection of how people engage with technology, money, and trust in the digital age.”
The rankings reveal interesting regional patterns. Western countries are seeing substantial increases in crypto use, with adoption rates growing by more than 200% in multiple nations. However, ownership rates vary dramatically, from single digits in some developed economies to over a quarter of the population in financial hub nations like Singapore and the UAE.
Infrastructure development, measured through ATM availability, remains heavily concentrated in North America. The United States and Canada together account for the vast majority of crypto ATMs globally, suggesting physical access points matter less in other regions where smartphone based exchanges dominate.
The surge in adoption comes amid volatile but generally upward trending cryptocurrency prices. Bitcoin broke above $120,000 recently, with analysts suggesting sustained rallies could continue through October. Historical patterns show October and November often drive strong gains for Bitcoin, contributing to speculation that prices could push higher in coming weeks.
Singapore’s top ranking reflects deliberate policy choices to position itself as a digital asset hub. The Monetary Authority of Singapore has established regulatory frameworks balancing innovation with consumer protection, attracting major cryptocurrency exchanges and blockchain companies. The combination of clear regulations, high income levels, and tech savvy population creates favorable conditions for adoption.
The UAE’s strong showing similarly reflects government strategy. Dubai and Abu Dhabi have competed to attract crypto businesses through dedicated free zones, licensing frameworks, and statements of support from senior officials. These efforts appear to be translating into retail adoption alongside institutional presence.
Whether high adoption rates in these countries predict broader global trends or reflect specific local conditions remains debatable. Both Singapore and the UAE are wealthy financial centers with populations comfortable with technology and risk taking in investments. Their experiences may not translate directly to countries with different economic profiles, regulatory approaches, or levels of technological infrastructure.
The study’s focus on ownership rates, search activity, and ATM availability captures certain dimensions of crypto engagement while potentially missing others. It doesn’t account for transaction volumes, the value of holdings, regulatory clarity, business adoption, or how actively people use their cryptocurrency beyond simply owning it.
Still, the data suggests cryptocurrency has moved beyond niche status in multiple countries. When a quarter of Singapore’s population owns digital assets, or nearly a fifth of Turkey’s residents hold crypto despite regulatory uncertainties, it indicates penetration into mainstream financial behavior rather than remaining confined to technology enthusiasts and early adopters.