Earlier this year, we looked at Consensus –the ‘Super Bowl of Blockchain’ – where Hong Kong made headlines as a resurgent Web3 hub, reaffirming its ambitions in the digital asset space.
Now, a new report – Singapore: The Onchain State – backed by the Singapore Fintech Association and the Economic Development Board, suggests Singapore is stepping up to rival Hong Kong as a global leader in Web3 innovation and adoption.
The OnChain State report focuses on Singapore’s crypto and Web3 landscape, with trends in crypto regulation, reasons to build in Singapore and tips to promote innovation in Web3. It includes a guide for new builders considering setting up in Singapore.
Some key points from the report:
Why build in Singapore
Singapore is a leading global hub for digital assets, with a regulatory framework that fosters innovation while ensuring compliance and risk mitigation. Singapore consistently ranks highly on global indices like the Henley Crypto Adoption Index, reflecting its crypto friendly regulatory environment and proactive approach to digital innovation.
Singapore’s rise as a Web3 leader has been fuelled by strong collaboration between the public and private sectors. Startups and scaleups are building out core DeFi infrastructure – from liquidity protocols to on-chain asset management tools – with backing from top-tier venture firms and accelerators. This ecosystem is reinforced by a dense network of market makers, exchanges, and institutional partners, giving local projects access to capital, world-class talent, and global liquidity from day one.
Adoption and market trends
The young and wealthy are more likely the average Singaporean to own crypto currency.
While 26% of residents now own cryptocurrency, high earners (making more than $100,000) dominate. Forty-five percent of this group own crypto, with 80% of those holding crypto assets for more than a year.
A generational divide in crypto use cases is emerging. Millennials and Gen Z use crypto for retail and bill payments, while older generations lean toward remittances and Peer-to-Peer (P2P) transactions.
According to Chainalysis, Singapore processed nearly $1 billion in stablecoin transactions in a single quarter – a new high for the city-state. This growth signals rising institutional confidence and points to a shift in how digital assets are being used: not just for speculation, but increasingly as a real means of payment.
The rise in crypto payments mirrors another trend: the MAS has been steadily expanding its roster of licensed digital asset firms, opening the door to new business models and creating fresh demand for Web3 talent.
Boiling it down – what this means for communicators in the region:
- Trust and credibility is key
For any Web3 project looking to launch and stand out in a competitive market, reputation is critical. Credibility starts with expertise and preparation – founders should be ready to field difficult questions and clearly explain the fundamentals of their offering. This includes being transparent about both the value proposition and the risks. Strong messaging builds trust and helps ensure that audiences – whether users, investors, or journalists – are aligned from the outset.
- Be relatable
The Web3 space has a diverse and growing audience. Tailoring your content to different levels of domain knowledge will make your communications more effective.
Lose jargon that might serve as a barricade to the uninitiated. Centre authentic storytelling by turning complex ideas into plain language – this will increase engagement with the brand.
Journalists are looking for credible, relatable voices to explain fast-moving developments. This is an opportunity for founders and spokespeople to position themselves as reliable experts for months and years to come.
- A communications channel matrix
Public opinion is more accessible and therefore more influential than ever and you will need both community engagement and media relations to support one another.
Media relations can be an effective tool – but there’s competition. As we’ve seen, the crypto and Web3 space is booming with product launches and upgrades. Brands needs to place their product so it fits into trends already being covered by journalists.
Community channels – like X (formerly Twitter), Telegram, Discord, and even interactive formats like AMAs, polls, or tutorials – are ideal for building momentum and trust over time. These formats might not suit media placement, but they can deepen relationships with users and amplify your visibility.
To stand out, think beyond the press release. Consider how your content strategy can span multiple formats and platforms – simultaneously educating your audience, building loyalty, and sparking conversation.
Tim Tham is an account manager in Singapore
