Singapore has been ranked among the world’s most advanced digital asset markets, according to the Global Digital Assets Report 2025, released during the Singapore FinTech Festival. The study, published by the Global Finance & Technology Network (GFTN) with research and editorial support from consultancy Arthur D. Little, highlights Singapore’s continued leadership in financial innovation and regulatory governance.

The digital asset market report positions Singapore alongside the United Arab Emirates (UAE) and Switzerland in regulatory maturity. It credits the country’s progress to clear frameworks introduced by the Monetary Authority of Singapore (MAS) for stablecoins, tokenised deposits and digital payment tokens.

Regulation Driving Adoption

The report notes that growth in stablecoins and tokenised assets has accelerated under new licensing regimes, sandbox programmes and institutional pilots. These include MAS initiatives such as Project Orchid’s Purpose Bound Money (PBM) model, which provides a flexible structure for innovation while maintaining compliance, and Project Guardian, which tests tokenisation of bonds, fund distributions and cross-border foreign exchange settlement.

MAS Sandbox Plus has also supported early-stage experimentation, enabling financial institutions and fintech firms to develop tokenisation use cases in a controlled environment.

The study draws on interviews with more than 40 regulators, central bankers and financial executives across Asia, Europe and the Middle East. It finds that investor participation is rising fastest in markets with clear regulatory parameters. In Singapore, regulatory clarity has helped attract global digital asset companies and support responsible market development, the report adds.

“Digital assets are no longer an isolated experiment but are fast becoming part of the next chapter of financial modernisation,” said Sopnendu Mohanty, Group CEO of GFTN. He added that the findings aim to guide policy and industry stakeholders toward building trusted and inclusive digital financial ecosystems.

Arthur D. Little, which supported the study, said the collaboration reflects its commitment to evidence-based analysis. “The GCC’s frameworks demonstrate how clear policy design can accelerate market readiness and strengthen institutional confidence in digital finance,” said Arjun Vir Singh, Partner at Arthur D. Little Middle East.

Shirish Jain, Partner at Arthur D. Little Southeast Asia Pacific, noted that Singapore’s market-leading regulatory efforts continue to influence adoption of digital finance across Southeast Asia.

The report provides a cross-jurisdictional reference for policymakers and financial institutions monitoring developments in digital money, tokenisation and decentralised finance. It highlights how Singapore’s structured regulatory approach now ranks among the world’s most advanced models, offering a foundation for continued cooperation among regional authorities and global standard-setters.