Understanding the Global Crypto Landscape 2022-2025
Web3 undoubtedly underwent a rough patch over the last few years, accelerated by the collapse of several multi-billion dollar entities. Despite these setbacks, the sector has shown strong resilience, and stepped up accountability to rebuild trust not only with regulators and institutions, but also its millions of users worldwide.
In fact, accountability and transparency have become key themes of the current landscape. Proof-of-reserves, a method for centralised exchanges to verify they possess the assets they claim, have for example, become the norm.
Having ridden out the majority of this turbulent era, Web3 has broken stereotypes, and has finally been adopted into the mainstream in the form of SPOT Bitcoin and Ethereum ETFs in the United States.
The increase in collaborative efforts between regulatory bodies and Web3 builders, alongside the general increase in adoption of digital assets have also been encouraging for the long-term.
- The crypto winter begins
The downfall of major crypto companies, largely due to financial mismanagement, heralds a broader market downturn
- Web3 steps up accountability
Starting with Proof of Reserves, platforms across the industry prioritise transparency and rebuild user trust - EU officially adopts MiCA
Proposed by the European Commission in 2020, MiCA is a multi-phase regulatory framework for crypto assets to enhance investor protection, support innovation, and combat money laundering
- Crypto markets rebound in lead up to bitcoin halving
Bitcoin approached its fourth halving in April 2024, which has historically signalled the start of bull runs in the crypto market. - Bitcoin and Ethereum ETF approvals pave the way for mainstream adoption
The regulatory nod to Web3 marks a pivotal moment for the industry and allows for stronger institutional and retail participation - President-elect Trump signals for pro-crypto regulations
During his campaign, the president-elect pledged to ease regulations on cryptocurrencies, including the possibility of establishing a strategic bitcoin reserve - Bitcoin hits $100,000 milestone, stablecoins and DeFi set records
Across the cryptocurrency industry, major metrics are reaching record highs, driven by clearer regulations and growing institutional interest.
A Thriving Onchain Ecosystem Led By Stablecoins, DeFi Making New Highs
Onchain, we’re witnessing a significant revival in stablecoin adoption. The total supply of stablecoins has now surpassed its 2021 peak, reaching a new high of [$196 Billion] today.
Furthermore, there’s been a noticeable shift in the diversity of stablecoins in circulation, with the dominance of the two largest - USDC and USDT, decreasing by approximately 10% since the previous cycle.
Moreover, there has been a noticeable shift in diversity, with the market share of the two leading stablecoins, USDC and USDT, diminishing by about 10% from 2022, indicating healthier market competition.
Keeping Up with Web3’s Evolution: More Utility, More Transactions
Despite the wider market slump in 2023, Web3 has continued to - as they say, Buidl. The industry has moved away from a heavy emphasis on speculation, now focusing on developing practical, real-world applications that bring tangible benefits to users and businesses alike.
Bitcoin and Ethereum Upgrades
Bitcoin experienced its fourth halving in April of 2024, decreasing the amount of newly mined Bitcoin. These halving events typically lead to the start of a new bull run due to the reduction of fresh Bitcoin supply.
Ethereum, on the other hand, finalised its transition from a Proof of Work (PoW) to a Proof of Stake (PoS) blockchain in an upgrade known as “Shapella” in April 2023.
The transition resulted in a staggering 99.95% reduction in energy consumption, addressing the concerns of those critical of cryptocurrency's high electricity use, and set the stage for further scalability enhancements.
Both of these “blue-chip” cryptocurrencies are also seeing a larger, synergistic ecosystem built around them in the form of Layer 2s, which typically leverage the underlying blockchain’s security while enhancing scalability.
Other Blockchains are breaking into the “Blue-Chip” Category
While Ethereum and Bitcoin continue to dominate the market, capturing significant attention and capital, other layer-1 blockchains are stepping up to address key challenges such as scalability, performance, and cost efficiency.
Solana, for instance, emerged as a rising star in 2024 thanks to its ability to offer high throughput and low transaction costs. These features have made it particularly appealing to a retail-driven audience, and the blockchain now natively hosts five of the top 20 highest revenue-generating dApps in crypto.
Stablecoin Innovation Driving Practical Use Cases
Stablecoin advancements have increasingly focused on practical applications and infrastructure, broadening their utility by providing low-cost, near-instant alternatives to traditional transactions.
This evolution is bridging the gap between fiat and Web3, with industry leaders like Paypal introducing stablecoins (PYUSD) into everyday transactions.
Web3 shows promising synergies with Artificial Intelligence, IOT
AI integration with cryptocurrency started gaining momentum in 2023 alongside the continued rise of OpenAi’s ChatGPT. This continues to drive innovations in decentralised finance, smart contracts and autonomous systems.
Today, the rise of “AI Agents” has spurred a renewed wave of innovation in Web3. These autonomous programs are able to analyse and execute typically complex tasks in Web3 such as portfolio management, auditing and executing smart contracts, and wallet management.
Decentralized Physical Infrastructure Networks (DePIN) are increasingly in the spotlight, building decentralized frameworks for IoT devices, energy networks, and supply chains, allowing individuals to contribute to and benefit from infrastructure development.
This model not only democratizes access but also enhances efficiency and resilience by reducing reliance on centralized entities.
A Singaporean Lens on Crypto
At a local level, the Singaporean Web3 scene has rebounded healthily for builders and regulations. Working collaboratively with local companies, the MAS has taken a nuanced and balanced approach toward Web3 in Singapore, aimed at fostering innovation while ensuring a secure and well-regulated environment for digital assets.
Strict, but fair: The MAS’ collaborative approach to Web3
The MAS has taken a nuanced and balanced approach toward Web3 in Singapore, aimed at fostering innovation while ensuring a secure and well-regulated environment for digital assets. Through initiatives such as the Payment Services (PS) Act, Web3 is provided a framework for digital asset operations, and businesses are able to understand the boundaries in which they are able to operate.
On the retail front, the MAS has affirmed their goal of balancing adoption with strong consumer protection. This includes restrictions on crypto marketing and soliciting in order to mitigate potential harm for retail cryptocurrency speculation
We saw the Monetary Authority of Singapore (“MAS”) finalise the stablecoin regulatory framework in August 2023. They would also later expand on the scope of regulated payment services, providing user protection requirements for Digital Payment Token (DPT) Service Providers in April 2024.
The MAS also released at least [2] consultation papers seeking feedback from participants in the industry on regulations, notices and guidelines for Digital Token Service Providers.
With continued open communication between regulatory bodies and Web3 industry participants, Singapore has maintained its forward-thinking approach to Web3, and ranks highly in many crypto friendly and adoption metrics.
- Restrictions on marketing and advertising crypto services introduced
- MAS announces Project Ubin+, a continuation of previous efforts to advance cross-border connectivity via CBDCs
- MAS addresses misconceptions in wake of FTX
- MAS finalises guidelines for stablecoin regulatory framework
- 2023 and 2024 saw a combined 28 crypto companies receiving DPT licenses, ahead of 10 in 2022
- MAS expands scope of regulated payment services
Evolution of the MAS’ Regulations on Digital Payment Tokens
The Payment Services Act (PS Act), introduced in 2020, was a pivotal step in providing regulatory clarity and enhancing security in Singapore’s digital payments ecosystem. Under the PS Act, Digital Payment Tokens (DPTs)—defined as digital representations of value used as a medium of exchange—are subject to comprehensive regulatory oversight.
Entities dealing with DPTs are required to obtain appropriate licenses and adhere to stringent anti-money laundering (AML) and counter-terrorism financing (CFT) standards. These measures have fostered a secure environment for users and businesses alike, facilitating trust, innovation, and growth in Singapore’s digital asset sector.
Balancing Regulatory Clarity and Innovation through the PS Act
In 2023, The (MAS) strengthened its regulatory measures for Digital Payment Token (DPT) services to enhance consumer protection and financial stability.
- Any service facilitating the exchange of DPTs
- Any services that deals with DPTs
- Transferring DPTs
- Providing custodian wallets for on on behalf of customers
- Brokering DPT transactions
- Major Payment Institution (MPI License): >$3m monthly payment transactions and >$5m e-money float per day
- Standard Payment Institution (SPI License): <$3m monthly payment transactions and <$5m e-money float per day
- Money-Changer License: License for those who only provide money-changing services
While companies are eager to build, there is still a steep barrier to provide DPT services.
580 applications have been filed for payment services licenses so far, of which more than a third were to provide DPT services.
Greater Trust in Crypto From Singaporean Companies
According to data from blockchain analysis firm Chainalysis, Singapore nearest USD$1 billion in stablecoin payments in just one quarter alone - a record high for the city state. This surge reflects not only increased adoption but also greater trust from institutional investors, leading to a revival of Web3. It's now seen not only as an investment opportunity but also as a legitimate payment method, leveraging the core technology of distributed ledgers for practical, real-world applications.
Singapore institutions are continuing to adopt blockchain technology and digital assets, especially when complementary to existing infrastructure and payment rails.
Grab
Local Superapp Grab pilots Web3 wallet
AXS
AXS allows bill payments in digital currencies at over 650 stations islandwide
Accredify
Accredify leverages Distributed Ledger Technology, empowering travellers to prove they are virus-free
DBS
DBS launches launch crypto options trading and structured notes for institutional investors and wealth clients – the first Asian-headquartered bank to do so
Suntory
Suntory’s Web3 Singapore team launched an anti-counterfeit blockchain pilot on Avalanche, providing customers a “certificate of consumption” NFT when they would open their limited edition Premium Malt beer bottles.
Accredify: Helping Singapore take flight during Covid-19
Accredify has established itself as a leader in creating and issuing verifiable digital documents. The company gained significant recognition for its role in enabling tamper-proof COVID-19 test results, which were integrated into Singapore Airlines' digital health verification process, streamlining travel during the pandemic.
Its digital documentation solutions are now widely adopted across various sectors, with partnerships spanning prestigious local universities, private equity firms, and other key institutions. These collaborations underscore Accredify's commitment to setting new standards for secure and reliable digital documentation leveraging DLT.
“In the future, we foresee Distributed Ledger Technology (DLT) continuing to broaden as the technology matures , enabling more secure, efficient, and trusted digital interactions across a wide range of industries”
Quah Zheng Wei
Co-Founder & CEO, Accredify
Institutional, Accredited Investors Double Down On Crypto
DBS launches crypto options trading and structured notes for eligible investors.
In September 2024, DBS launched over-the-counter cryptocurrency options trading and structured notes for eligible institutional investors and accredited wealth clients – the first Asian-headquartered bank to do so. Currently, DBS clients build their digital asset portfolios by trading cryptocurrencies and security tokens via DBS Digital Exchange.
Eligible clients now have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies. Clients custodizing BTC and ETH with DBS may also hedge their positions against market volatility and potentially earn yield through various options structures.
Sygnum Singapore
Sygnum Singapore, an MPI-license holder, partnered with the Singapore arm of Geneva-based Border & Cie to offer digital asset services to their clients.
“We have seen institutional interest increasing and expect that to accelerate. Major financial institutions are beginning to push into more sophisticated technologies as well, such as embracing “regulated DeFi”
Max Stuedlein
SVP, Head of Strategic Digital Asset Solutions,
Syngum Singapore
Crypto Ownership Is On The Rise In Singapore
In addition to a broader, positive shift in institutional adoption and regulatory environment, crypto ownership and usage in Singapore has also been on the rise. In a collaborative effort with Triple-A, we conducted a study of 1,006 Singapore residents to understand trends in local cryptocurrency usage, awareness, and payments.
Younger Generations Lead the Way in Crypto Ownership
While crypto ownership spans all ages, there is a pronounced dominance across younger generations. Their high engagement with a digital-first economy is a likely driver, and signals strong market potential for the industry.
Regardless of age, high-income earners (>$100,000) also have a higher propensity to own cryptocurrencies, with 45% of them owning cryptocurrency and 80% holding for over a year.
Investors look to the long-term for crypto
Crypto payments are a versatile medium for everyday financial needs. Millennials and Gen Z, in particular, are using crypto for retail and bill payments, while older generations lean toward remittances and Peer-to-Peer (P2P) transactions.
The benefits are also evident, with 37% of respondents citing global acceptance as a key advantage. Higher transaction speed (29%) and lower fees (20%) also prove to be strong drivers, particularly for cross-border and time-sensitive transactions.
Singapore is well-positioned to continue its Web3 leadership, with a maturing user base, growing market optimism, and increasing adoption of crypto payments. However, some residents still remain hesitant due to perceived challenges in the ecosystem. Well-established players are required to bridge the knowledge gap and promote trust, accelerating the broader adoption for Singapore.
“Growing crypto ownership and awareness in Singapore are just part of the picture—more businesses are now adopting it as a payment solution. With lower costs, faster transactions, and global reach, crypto is moving beyond adoption to real-world use, shaping the future of digital payments.”
Eric Barbier
CEO, Triple-A
On Prioritizing Safety in Web3
While crypto ownership is also on the rise, Singaporeans are also wary of financial crime that may occur when trading. According to Singapore Police Force’s Annual Scams and Cybercrime Brief 2024, cryptocurrency losses accounted for about 24% of the S$1.1bn lost to scams in Singapore in 2024. Despite this, TRM Labs, a blockchain analytics, risk management, and compliance platform who recently reported on crypto crime remain hopeful.
“In TRM Labs’ 2025 Crypto Crime report, it was noted that cryptocurrency transaction volumes associated with scams and frauds decreased by 40% from 2023 to 2024. As the Web3 ecosystem continues to grow in innovation and adoption, the use of blockchain intelligence tools which have the ability to attribute known scammers and scam projects can help increase the security of the overall ecosystem by allowing entities operating within the ecosystem to flag and report transactions potentially associated with scams to authorities.”
Adriel Wong
Senior Account Director, TRM Labs
