China's Ministry of State Security said cryptocurrencies can facilitate espionage and warned that transactions are not truly anonymous. According to NS3.AI, the warning came as Singapore's crypto activity rose 55.4% to $284 billion in the year ended June 2026, according to Chainalysis.

Singapore regained its position as the largest crypto economy in Central and Southeast Asia and Oceania. Chainalysis said activity across that region contracted 6.8%.