Onome Amuge

A group of small economies are quietly positioning themselves as the world’s most accommodating environments for everyday crypto use, outpacing the global heavyweights that dominate traditional finance, according to a recent study by decentralized exchange ApeX Protocol,

The study ranks Singapore as the most comfortable country for cryptocurrency use, ahead of the United States and Switzerland, based on seven key indicators including ownership rates, infrastructure, transaction availability, and real estate purchases made in digital coins. Taken together, these measures highlight how smaller jurisdictions are leveraging flexibility and clarity in regulation to turn digital asset adoption into a competitive economic advantage.

Singapore’s ascent to the top of the global crypto comfort index reflects a strategy rooted in pragmatism rather than hype. The report finds that nearly one in four Singaporeans (24.4%) owns cryptocurrency, the highest share in the world, and residents can use their holdings across nearly every facet of daily life. The city-state’s 81 licensed exchanges, widespread acceptance of crypto debit cards, and the ability to purchase real estate with digital assets have created a financial ecosystem that seamlessly blends fiat and crypto.

The Monetary Authority of Singapore (MAS) is seen to have adopted a framework that balances innovation with rigorous oversight, mandating licensing for exchanges and strict compliance with anti-money-laundering laws. This disciplined openness has attracted global players, including Binance, Coinbase, and Ripple, to set up regional offices in Singapore, even as other jurisdictions waver between crackdowns and regulatory uncertainty.

“Singapore is not chasing headlines; it’s building infrastructureThe government’s approach has created a predictable environment for businesses, and that’s why crypto here feels like a utility, not a gamble,” says Lianna Goh, a fintech consultant based in the city-state. 

The result is a mature market where cryptocurrency is as much a tool of commerce as it is an asset class, a dynamic that has eluded larger economies still debating the fundamentals of digital currency regulation.

Switzerland and the evolution of crypto capitalism

In Europe, Switzerland stands out as the most crypto-friendly jurisdiction, ranking third globally. While only a fraction of its population uses digital coins compared with Singapore, Switzerland’s policies have woven crypto into the fabric of its economy.

In the canton of Zug , dubbed “Crypto Valley”, residents can pay taxes in Bitcoin and Ether, while companies routinely settle bills and salaries in digital assets. The country’s 1,130 crypto ATMs and 32 exchanges give it one of the world’s densest crypto infrastructures per capita.

Switzerland’s model has turned the Alpine nation into a hub for blockchain startups, tokenization ventures, and decentralized finance (DeFi) protocols, helping it attract talent and investment even amid Europe’s wider regulatory uncertainty.

“Switzerland has shown that being small and independent can be an advantage. By integrating crypto into its legal and financial systems early, it avoided the paralysis we see elsewhere,” says Patrick Blöchlinger, head of a Zurich-based digital asset fund.

The United States, which ranked second overall, dominates in scale but not in coherence. It hosts more than 31,000 crypto ATMs, more than all other countries combined, and 166 exchanges, alongside a 15.5 per cent ownership rate. However, its regulatory patchwork continues to stifle uniform adoption.

According to the report, while some states like Wyoming and Texas have established crypto-friendly legal frameworks, others have taken restrictive stances. The resulting fragmentation means that while Americans can easily buy and sell crypto, using it for real-world purchases remains cumbersome.

Despite this, U.S. interest in crypto payments remains the highest globally, with over 40,000 Google searches per month related to how to spend digital assets. Analysts say this gap between curiosity and practicality reflects the broader U.S. dilemma: infrastructure without integration.

“The U.S. leads in crypto infrastructure, but regulation lags behind innovation,” says Mark Davis, a New York-based digital asset analyst.

Emerging markets as crypto laboratories

Beyond the traditional financial centers, the ApeX study reveals that emerging markets are fast becoming laboratories for practical crypto adoption.

In Brazil, where 17.5% of the population owns digital assets (the second-highest adoption rate globally), cryptocurrencies have filled gaps left by volatile local currencies and limited financial inclusion. Although Brazilians can use crypto debit cards and make daily purchases, the lack of property transaction options indicates a market still in transition.

The Philippines, ranked tenth, presents a similar case. With over 10 per cent of residents holding crypto and access to ATMs and exchanges, the country has turned digital assets into tools for remittances and e-commerce, particularly among young, mobile-first users.

Meanwhile, Portugal and Ireland  (both in the top ten), show how EU nations with lighter tax regimes and innovation-oriented policies can attract crypto talent and capital without the political friction that characterizes Brussels’ regulatory approach.

According to the report, what unites Singapore, Switzerland, and their peers is not scale, but speed. Smaller economies, less burdened by bureaucratic inertia, are seen to have demonstrated that effective digital asset integration depends more on regulatory design than market size.

ApeX’s findings also hint at a generational realignment. With nearly 7 per cent of the world’s population now owning cryptocurrency, younger demographics are driving demand for usability. Governments that can translate that demand into stable, transparent ecosystems stand to gain long-term strategic advantages, the report said.

As the debate over central bank digital currencies (CBDCs) intensifies and institutional investors deepen their exposure to crypto markets, the shift from speculation to system integration is accelerating. The ApeX Protocol study, though focused on comfort, reveals that digital assets are no longer fringe instruments but a test of national adaptability.