Singapore the Onchain State 2025 Report
Acknowledgements
This report would not have been made possible without the following contributors:
Web3 in Singapore evolved amidst regulatory actions by the Monetary Authority of Singapore (MAS)
In 2022, then managing director of the Monetary Authority of Singapore (“MAS”) Ravi Menon led his opening address at Green Shoots with:
“Yes to Digital Asset Innovation, No to Cryptocurrency Speculation”
drawing a clear line in the sand for the future of Web3 in Singapore. This was in line with MAS’ proposed measures in the same year to reduce risks and discourage cryptocurrency trading amongst retail users, including guidelines on prohibiting public advertisements and disallowing the purchase of cryptocurrencies with local credit cards.
The collapse of algorithmic stablecoin UST and the subsequent bankruptcies of major Web3 firms, including FTX and Three Arrows Capital, sent shockwaves through the industry, impacting investments and confidence in Singapore’s Web3 sector.
However, this period also marked a turning point—pushing the industry towards greater transparency, compliance, and long-term resilience.
Fast forward to today, and the industry has matured past what it was in 2022.
Globally, we’re seeing proper recognition and wider adoption of digital assets, including the United States’ Security and Exchange Commission (“SEC”)’s approval of SPOT Bitcoin and Ether Exchange Traded Funds (“ETF”), and stronger regulatory clarity across multiple jurisdictions, including Singapore.
Within Singapore, funding in Web3 has kept abreast with the rest of Fintech, with both digital assets and ledger technologies returning to the spotlight. Additionally, investor sentiment has steadily returned since 2022.
Singapore has emerged as a global leader in the adoption and innovation of Web3 technologies.
The country consistently ranks highly on global indices like the Henley Crypto Adoption Index, reflecting its crypto-friendly regulatory environment and proactive approach to digital innovation. MAS’s collaborative blockchain initiatives, such as Project Ubin+, Project Guardian, Project Orchid, and Project Mandala, highlight its commitment to fostering innovation in the blockchain space.
Singapore’s vibrant Web3 ecosystem continues to attract startups and established enterprises alike, facilitated by supportive infrastructure, funding opportunities, and the presence of global venture capital firms, incubators, and accelerators. The nation’s "builders helping builders" ethos has further strengthened its reputation as a critical hub for decentralized finance (DeFi), infrastructure projects, blockchain gaming, and NFT innovation, positioning Singapore not just as a participant but as a pioneering force in the global onchain economy.
While the resurgence of Web3, particularly in Singapore, is promising, it is essential for us to clearly understand the current state of the industry from multiple perspectives.
This report aims to understand the current landscape of Web3 in Singapore, and to understand its role in the global “onchain” ecosystem, including:
- Regulatory developments in Web3
- Technical developments in Web3
- Economic Contributions of Web3 to Singapore (jobs created, salaries paid)
- Acquisition achievements of Web3 Companies in Singapore
- The current landscape of Web3 Business Operations and challenges faced