Singapore's cryptocurrency market reached SGD 4.3 billion in aggregate COBO transaction value in 2024, representing a 24% year-on-year increase. This figure, drawn from industry data, positions Singapore's digital asset ecosystem at a notable inflection point as the city-state solidifies its standing as Asia's leading regulated crypto hub. The broader Singapore cryptocurrency market was valued at USD 10,790.41 million (approximately SGD 14.5 billion at prevailing exchange rates) in 2024, according to IMARC Group. That total market is projected to expand to USD 24,968.41 million by 2033, implying a compound annual growth rate (CAGR) of 9.77% over the forecast period of 2025–2033. The COBO segment—encompassing custody, origination, and brokerage operations—accounted for a meaningful share of this value, with transaction flows accelerating sharply from the prior year.
Exhibit
Singapore COBO Transaction Value: 2023 vs 2024
Year-on-year growth of 24% (derived from reported 2024 figure)
Transaction Value (SGD billions) (SGD B)Source: Orionmano Industries
The 2023 baseline of SGD 3.47 billion, derived from the reported 24% growth rate, underscores the acceleration in transaction activity. The segment has benefited from Singapore's regulatory-first approach, which has drawn institutional and retail participants seeking a compliant jurisdiction for digital asset activities.
Growth Drivers: Regulatory Clarity and Retail Adoption
Two structural forces are driving the 24% year-on-year expansion in COBO transaction volume: regulatory frameworks that reduce uncertainty and retail adoption enabled by accessible infrastructure.
The Monetary Authority of Singapore (MAS) enacted its stablecoin regulatory framework in August 2023, providing clear licensing requirements for stablecoin issuers and custodians. This regulatory clarity has been a catalyst for institutional participation, as it addresses a key concern for asset managers and corporate treasuries—namely, legal and compliance risk. Singapore's framework mandates full reserve backing and licensing obligations, drawing a clear contrast with less regulated jurisdictions. Cobo notes in its enterprise guide that Singapore, alongside Hong Kong and the UAE, has enacted specific stablecoin legislation by 2025, creating a multi-jurisdictional standard for compliant digital asset operations.
On the retail side, the Singapore retail market reached SGD 139.1 billion in 2024, according to IMARC Group. Within that broad consumer economy, growing investor appetite for alternative assets such as cryptocurrencies is evident. User-friendly crypto exchanges, mobile applications, and digital wallets have lowered barriers to entry for retail participants. Fintech innovation and increasing awareness of digital assets are cited as primary adoption drivers in the Singapore market. The retail segment's expansion is also motivating fintech firms and traditional retailers to accept crypto payments, launch blockchain-based loyalty programs, and explore NFT-based engagement—further deepening the ecosystem that feeds into COBO transactions.
Key Players and Competitive Landscape
Cobo, headquartered in Singapore, is a central player in the COBO segment. As of its seventh anniversary in November 2024, Cobo reported serving over 500 institutional clients, securing transactions totaling more than USD 200 billion cumulatively. In 2024 alone, the firm achieved a threefold increase in assets under custody and launched Cobo Portal, described as the industry's only all-in-one digital asset custody and wallet platform. The platform integrates technological abstraction with smart risk controls, offering institutional-grade protection for digital assets. Cobo is actively engaging with regulators in Singapore and Hong Kong to secure licenses, further strengthening its compliance infrastructure.
In the broader crypto asset management market, Cobo is listed among top global players alongside Coinbase, BitGo, Fidelity Digital Assets, and Gemini, according to SkyQuest Technology's competitive analysis. The report identifies Cobo as one of 19 leading firms in the crypto asset management space, reflecting the company's regional significance.
Other regional players serve the Singapore market, including SafePal, a Singapore-based wallet provider. Hardware wallet providers such as Ledger (France) and Trezor (Czech Republic) are also active, though their product focus differs from the institutional custody and brokerage services that define the COBO segment. The competitive landscape is characterized by a bifurcation between self-custody hardware solutions for retail users and institutional-grade custody platforms like Cobo that serve the COBO transaction flow.
Outlook: Stablecoin Integration and Long-Term Growth Trajectory
The outlook for Singapore's COBO segment is tied to two converging trends: stablecoin adoption and institutional infrastructure buildout. Globally, stablecoins processed USD 27.6 trillion in transaction volume during 2024, surpassing Visa and Mastercard combined, according to Cobo's enterprise guide. Critically, 90% of financial institutions are now using or planning to use stablecoins for payments, settlement, and treasury operations. This shift toward enterprise stablecoin adoption is creating new demand for compliant custody and settlement infrastructure—services that sit at the core of the COBO segment.
Singapore's position as a regulatory pioneer is a structural advantage. With MAS's stablecoin framework in place since 2023, the city-state offers a predictable licensing environment that attracts both issuers and custodians. The Singapore cryptocurrency market is forecast to reach USD 24.97 billion by 2033, implying sustained growth across retail and institutional segments.
Cobo's 2024 milestones—the threefold increase in assets under custody and the launch of Cobo Portal—signal the company's ambition to capture institutional demand. As stablecoin-integrated treasury operations and cross-border payment systems expand, the COBO segment is positioned to exceed SGD 5 billion in transaction value by 2026, driven by enterprise adoption of stablecoins for settlement and continued retail expansion enabled by accessible platforms. The convergence of regulatory clarity, institutional infrastructure, and retail accessibility creates a favorable trajectory for Singapore's digital asset custody and brokerage ecosystem.
