The Cryptocurrency Landscape: Asia (Hong Kong & Singapore) & United States
- Mandarin Time
- 2 days ago
- 7 min read
A Comprehensive Market Analysis | January 2026
Introduction: From Boom to Bust to Recovery
The cryptocurrency industry has experienced one of the most dramatic boom-bust-recovery cycles in modern financial history. After reaching euphoric highs in late 2021, the industry plunged into what became known as the "Crypto Winter" of 2022-2023, only to emerge stronger and more institutionalized by 2024-2025.
At its peak in November 2021, the global cryptocurrency market capitalization soared to approximately $3 trillion, with Bitcoin reaching an all-time high above $68,000 and Ethereum trading near $4,800. The pandemic-era stimulus, institutional adoption by companies like Tesla and MicroStrategy, and retail enthusiasm driven by social media created a perfect storm of speculative fervor. However, this euphoria proved unsustainable.
The collapse began in May 2022 when the algorithmic stablecoin TerraUSD (UST) and its companion token Luna imploded, wiping out $45 billion virtually overnight. This triggered a domino effect: Celsius Network froze $17 billion in customer assets, Three Arrows Capital, a hedge fund managing $10 billion, filed for bankruptcy, and Voyager Digital defaulted on a $665 million loan. By mid-2022, the total crypto market cap had fallen below $1 trillion, and Bitcoin had crashed to under $16,000, a 77% decline from its peak.
The final blow came in November 2022 with the spectacular collapse of FTX, once valued at $32 billion and considered the fourth-largest cryptocurrency exchange globally. Founder Sam Bankman-Fried, previously celebrated as the "crypto wunderkind," was later convicted of defrauding customers out of billions of dollars and sentenced to 25 years in prison. The FTX bankruptcy exposed an $8 billion hole in customer accounts and was described by federal prosecutors as "one of the biggest financial frauds in American history."
Yet, remarkably, the industry recovered. The approval of spot Bitcoin ETFs in January 2024 marked a watershed moment, attracting $17.5 billion in net inflows within 12 months. Bitcoin surged past $100,000 in December 2024 and reached new all-time highs above $124,000 by mid-2025. The global crypto market cap now stands at approximately $3.15 trillion, with 420+ million crypto owners worldwide.
This report examines how the cryptocurrency industry has evolved across three major financial hubs: Hong Kong, Singapore, and the United States, comparing market sizes, major companies, regulatory frameworks, salaries, and adoption patterns.
1. Market Size & Global Positioning
Global Market Overview
The global cryptocurrency market continues its expansion trajectory, with the market valued at $2.49 trillion in 2024 and projected to reach $6.29 trillion by 2033, representing a compound annual growth rate (CAGR) of 9.7%. The total crypto market cap currently stands at approximately $3.15 trillion as of early 2026, with Bitcoin dominance at 57% and Ethereum at approximately 13%.
Metric | Value |
Global Crypto Market Cap (2026) | $3.15 Trillion |
Peak Market Cap (2024) | $4 Trillion |
Global Crypto Owners | 420+ Million |
Bitcoin Dominance | 57% |
Projected Market (2033) | $6.29 Trillion |
Regional Market Share
Asia-Pacific holds 31% of global crypto revenue share and represents the fastest-growing region at 16.2% CAGR. North America maintains a 37.2% share of the crypto exchange market, driven by institutional adoption and regulatory clarity following ETF approvals.
Region | Market Share | Growth Rate (CAGR) |
North America | 37.2% | 12.49% |
Asia-Pacific | 31% | 16.2% |
Southeast Asia | $86B (2024) | 8.50% |
Hong Kong Market
Centralized exchanges received $26.6 billion in H1 2024 (nearly triple YoY)
85.6% year-over-year growth, largest in Eastern Asia
Ranks 30th globally on Chainalysis Global Crypto Adoption Index
890 blockchain patents filed
1,163 crypto-related jobs
52 registered cryptocurrency exchanges
Crypto revenue: $171.5M (2025) → $178.4M (2026)
Singapore Market
1,600 blockchain patents (80% more than Hong Kong)
2,433 crypto-related jobs (double Hong Kong's figure)
81 cryptocurrency exchanges (56% more than Hong Kong)
13 Major Payment Institution (MPI) licenses issued in 2024 (doubled from 2023)
Merchant services received nearly $1 billion in Q2 2024
United States Market
US crypto market: $1.23B (2025) → $2.21B (2030), CAGR 12.49%
US crypto exchange market: $10.24B (2025) → $48.5B (2033), CAGR 24.89%
17% of US adults have invested, traded, or used cryptocurrency
28% of American adults own cryptocurrency in 2025 (up from 15% in 2021)
Spot Bitcoin ETFs attracted $17.5 billion in net inflows within 12 months of approval
2. Major Cryptocurrency Companies
Global Exchange Rankings (July 2025)
Exchange | Market Share | Monthly Volume | Headquarters |
Binance | 39.8% | $698.3B | Cayman Islands |
MEXC | 8.6% | $150.4B | Singapore |
Gate | 7.8% | $137.2B | Cayman Islands |
Coinbase | Top 10 | $185B+ | United States |
Kraken | Top 10 | $192B+ (Q3) | United States |
US-Based Companies
Coinbase (NASDAQ: COIN)
Coinbase is the largest US-based cryptocurrency exchange and the first major crypto company to go public. It has expanded its global presence with an Engineering Hub in Singapore (launched November 2024) and secured a Digital Payment Token (DPT) license in Singapore (October 2023).
Metric | Value |
Revenue (2024) | $6.2 billion (↑113% YoY) |
Net Income (2024) | $2.5 billion |
Total Users | 105 million |
Monthly Active Users | 10.8 million |
Assets Under Management | $220 billion (doubled YoY) |
Market Valuation | $55.4 billion |
Transaction Volume (2024) | $1+ trillion |
Kraken
Kraken has emerged as a major institutional player, with aggressive expansion through acquisitions including NinjaTrader ($1.5 billion) and Small Exchange ($100 million) in 2025. The company secured a MiCA license from Ireland in June 2025.
Metric | Value |
Revenue (2024) | $1.5 billion |
Revenue (9 months 2025) | $1.55 billion |
Adjusted EBITDA (2024) | $421 million |
Valuation (Nov 2025) | $20 billion |
Funded Accounts (Q3 2025) | 5.2 million |
Assets on Platform (Q3 2025) | $59.3 billion |
Avg Revenue Per Customer | $700+ |
Asia-Based Companies
Crypto.com (Hong Kong-Based)
Crypto.com operates with headquarters in Singapore and has applied for a Hong Kong SFC license (February 2024, pending). The company secured a Singapore MPI license in 2023 and offers comprehensive exchange and wallet services.
Hong Kong Licensed Exchanges
OSL - Leading institutional-grade digital asset platform
HashKey - Licensed exchange operator with fund management arm
HKVAX - Third SFC-approved exchange (October 2024)
Singapore Licensed Companies
Circle (USDC) - $32 billion stablecoin market cap, MPI license June 2023
Gemini - Received regulatory approval 2024
OKX - Licensed in Singapore 2024
Ripple - Full MPI license 2023
HashKey Capital - $1B+ AUM, 500+ portfolio investments
3. Regulatory Environment
Hong Kong
Hong Kong overhauled its legal framework for crypto exchanges in mid-2023 under the Securities and Futures Commission (SFC). The city launched Asia's first spot Bitcoin and Ethereum ETFs in April 2024 and has positioned itself as a "super-connector" between East and West.
Only 3 exchanges fully licensed (OSL, HashKey, HKVAX) as of late 2024
11 applicants underwent on-site SFC reviews
Major withdrawals: OKX and Bybit withdrew applications (May 2024)
Exchanges cannot serve mainland Chinese clients
Exploring regulations for custody, staking, OTC trading, derivatives, and margin financing
Singapore
The Monetary Authority of Singapore (MAS) regulates crypto through Major Payment Institution (MPI) licenses. Singapore has adopted a "risk-adjusted" regulatory approach, balancing innovation with consumer protection.
29 total licensees by November 2024
13 new licenses issued in 2024 (doubled from 2023)
Faster approval process than Hong Kong
New frameworks for asset tokenization unveiled (November 2024)
Grab partnership enables crypto payments integration
United States
The US regulatory landscape has evolved significantly, with a pro-crypto administration signaling support for the industry. Multiple agencies oversee different aspects: SEC (securities), CFTC (commodities), OCC (banking), and FinCEN (anti-money laundering).
11 spot Bitcoin ETFs approved (January 2024)
BlackRock's iShares Bitcoin Trust: $30B+ AUM within 12 months
SEC enforcement generated $8.2 billion in fines since 2024
OCC permitted banks to offer custody services (2024)
Executive Order on Digital Financial Technology signed (January 2025)
SEC dismissed lawsuit against Kraken (March 2025) with no penalties
Aspect | Hong Kong | Singapore | United States |
Primary Regulator | SFC | MAS | SEC/CFTC/OCC |
Licenses Issued (2024) | 3 | 13 | N/A |
Bitcoin ETF | Yes (Apr 2024) | No | Yes (Jan 2024) |
Approval Speed | Slow | Fast | Moderate |
Regulatory Clarity | Emerging | Clear | Improving |
4. Salary & Compensation Comparison
Global Crypto Industry Trends
According to the Dragonfly Crypto Compensation Report (2024/2025), the crypto industry has seen significant compensation shifts following the 2022 crash and subsequent recovery.
Average salary across crypto firms: $144,000 (down 18% YoY)
Token grants: Down 75% from previous year
Founder compensation: Up 37% to approximately $197,000
Entry-level hiring: Only 10% of positions
Remote work remains industry standard
Hong Kong Crypto Salaries
Role | Annual Salary (HKD / USD) |
Software Engineer | HK$300K-845K ($38K-$108K) |
Senior Software Engineer | Up to HK$925K ($118K) |
Software Developer (Avg) | HK$510K ($65K) |
Crypto Trader | HK$700K-2.75M ($90K-$352K) |
Analyst | ~$85,592 |
US vs Asia Compensation Dynamics
US roles typically lead in base cash compensation, with major exchanges like Coinbase and Kraken offering competitive institutional packages. However, international executives, particularly in early-stage Asian companies, sometimes match or exceed US compensation through larger token and equity packages.
Key insight: While US firms offer higher base salaries (typically $150K-$400K+ for senior roles), Asian crypto startups may offer 2-10x higher equity/token packages to compensate for lower cash compensation.
5. Adoption & User Metrics
Asia-Pacific Adoption
Asia-Pacific demonstrates significantly higher crypto adoption rates compared to global averages, driven by remittance use cases, mobile-first populations, and growing institutional interest.
APAC crypto adoption rate: 22% vs global average of 7.8% (nearly 3x higher)
326.8 million crypto users across Asia (2024)
Monthly on-chain value: $81B (July 2022) → $244B peak (December 2024)
Hong Kong user penetration: 8.89% (2025) → 9.26% (2026 projected)
Global Crypto Adoption Index Rankings (2024)
Rank | Country | Region |
1st | India | South Asia |
3rd | Indonesia | Southeast Asia |
5th | Vietnam | Southeast Asia |
8th | Philippines | Southeast Asia |
19th | South Korea | East Asia |
20th | China | East Asia |
29th | Hong Kong | East Asia |
6. Conclusion & Outlook
The cryptocurrency industry has demonstrated remarkable resilience, recovering from the devastating crashes of 2022 to reach new heights by 2025. Each region offers distinct advantages:
Hong Kong
Positioned as Asia's institutional crypto hub with the highest exchange volumes in the region ($26.6B in H1 2024). Strong government backing with Beijing's implicit support, first-mover advantage on Asian Bitcoin/Ethereum ETFs, and focus on becoming a "super-connector" between East and West. Challenge: Slow licensing process with only 3 approved exchanges.
Singapore
Leading in blockchain innovation with 80% more patents than Hong Kong and double the crypto workforce. Faster regulatory approval process (13 licenses in 2024 vs Hong Kong's 3) and strong focus on DeFi, tokenization, and payment integration. Challenge: Smaller domestic market compared to regional peers.
United States
Largest absolute market size with mature institutional infrastructure. Home to the world's largest publicly-traded crypto companies (Coinbase: $55.4B valuation) and dominant ETF ecosystem ($17.5B inflows). Pro-crypto administration signaling regulatory clarity. Challenge: Fragmented regulatory landscape with multiple overlapping agencies.
Key Takeaways
Asia grows faster (16.2% CAGR) but US maintains larger absolute market (37.2% exchange share)
Asia has 3x higher adoption rates (22% vs 7.8% global average)
Singapore leads in licensing speed; Hong Kong leads in exchange volumes
US leads in institutional products and public company valuations
All three jurisdictions are competing for global crypto talent and capital
Sources & References
Market Data & Statistics:
Company Information:
Regulatory Sources:
Historical & Industry Analysis:
Salary Data:
Comments