Southeast Asia (SEA) has emerged as a leader in cryptocurrency adoption, with countries like Indonesia, Vietnam, and the Philippines ranking among the top ten globally in the 2024 Chainalysis Global Crypto Adoption Index. T

Southeast Asia (SEA) has emerged as a leader in cryptocurrency adoption, with countries like Indonesia, Vietnam, and the Philippines ranking among the top ten globally in the 2024 Chainalysis Global Crypto Adoption Index. The region has witnessed a remarkable surge in crypto ownership, increasing by 21.8% to 326.8 million users as reported by Triple-A's 2024 research. A young, tech-savvy population, significant underbanked demographics, and widespread internet access largely drive this growth.

In terms of ownership rates, Singapore leads with 24.4%, followed by Thailand (17.6%), Vietnam (17.4%), and Malaysia (14.3%). These statistics highlight the potential for further growth in a market characterized by innovation and an appetite for financial technology.

Despite the strong adoption of cryptocurrencies, Southeast Asian countries exhibit varied regulatory landscapes, reflecting their unique economic priorities and goals for innovation. Countries such as Singapore and Thailand have established comprehensive regulatory frameworks, while others like Vietnam are still in the early stages of policy development.

The regulatory approaches in SEA are fragmented, ranging from supportive to developing. For instance, Singapore has enacted significant legislation through the Payment Services Act and the Securities and Futures Act, creating a robust legal infrastructure for digital assets. Conversely, Vietnam is still formulating formal regulations despite its high adoption rates, and the Philippines is working towards establishing licensing rules for crypto service providers.

There is a growing trend towards aligning local regulations with international standards, particularly concerning anti-money laundering (AML) and tax transparency. Countries like Singapore and Thailand have implemented strict AML requirements for crypto exchanges, while Malaysia is enhancing tax reporting for crypto transactions. These measures aim to create a sustainable crypto environment while addressing financial crime risks.

Investor protection and regulatory maturity

Investor protection is increasingly a focus for nations with established regulatory frameworks. Singapore and Thailand are moving towards more robust regulations to safeguard investors, while other countries are still developing basic compliance mechanisms. This disparity in regulatory maturity can impact the overall investment climate and innovation potential within the region.

As Southeast Asia continues to evolve as a significant player in the global crypto landscape, several challenges and opportunities lie ahead. The region's success will depend on its ability to foster innovation while ensuring consumer protection and attracting investment.

Regulatory clarity is crucial for spurring growth in the crypto sector. Countries like Singapore have set high benchmarks with their established frameworks, which could serve as models for others in the region. Collaboration with industry players, such as Bybit's involvement in Vietnam's regulatory sandbox initiative, will be vital for crafting effective regulations that balance market risks with long-term growth objectives.

Aligning with global standards, such as the EU’s Markets in Crypto Assets (MiCA) regulation and the Financial Action Task Force (FATF) guidelines, can enhance the credibility of SEA's crypto framework. This alignment will facilitate cross-border transactions and improve the region’s appeal to investors and businesses.

To capitalize on the growing interest in crypto, SEA must focus on building a supportive ecosystem that nurtures innovation. This includes investing in education, enhancing technological infrastructure, and promoting a collaborative environment among stakeholders. By fostering a culture of innovation and ensuring robust regulatory practices, SEA can solidify its position as a crypto powerhouse.

Southeast Asia stands at a pivotal moment in its crypto journey, characterized by significant adoption rates and a diverse regulatory landscape. The region's ability to establish clear, supportive regulations while fostering innovation will determine its future as a leading hub for cryptocurrency and blockchain technology. As countries navigate their regulatory paths, strategic collaboration and alignment with global standards will be essential to harness the full potential of the crypto market in Southeast Asia.

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Diving into Southeast Asia’s crypto regulatory landscape

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Bybit Crypto Insights Report: Diving into Southeast Asia’s crypto regulatory landscape

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

Front-end volatility for BTC has reacted to recent spot price fluctuations, leading to a new all-time high (ATH) of $111.8K, the first since January 20, 2025. At-the-money implied volatility is between 45% and 50%, with short-tenor volatility rising from last week's lows. Perpetual funding rates remain stable, even as spot prices climb, though options skew steepened towards calls by 7% due to increased demand for OTM calls.

In perpetual swaps, open interest hit a new May high over $11B, reflecting stronger risk-on sentiment than in April. For ETH, short-tenor options retain their volatility premium compared to longer-tenor options, while OTM calls continue to show solid support, despite a slowdown in the recent surge of ETH’s spot price.

Please check out the report’s highlights.

ETH open interest has started to rise this week, aligning with BTC surpassing its January ATH of $111K, positively affecting the crypto market, including Ether (+4.5%). However, the increase is slower than last week’s 50% surge in ETH's spot price. Total open interest and perpetual trading volume across nine tokens reached monthly highs of over $11B and $26B, respectively. On May 19, 2025, perpetual trading volumes surpassed $20B after Moody's downgraded US debt. BTC, like risk-on US equities, initially fell but quickly recovered its intraday losses.

Regulatory advances propel BTC toward ATH with put-call skews favouring calls

Mid-May volatility expectations declined as BTC traded sideways between $102K and $104K. Recently, this range extended to $108K due to a tariff détente between the US and China, though macro uncertainties like the downgrade of US treasuries limited a full breakout. However, regulatory advances helped BTC surpass $110K. This tug-of-war has led to reactive front-end volatility, with implied volatility levels for BTC between 45% and 50%. Options volumes remain skewed toward puts, despite the spot price entering price discovery, with open interest also dominated by puts at $200M.

What’s more, the skew of BTC volatility smiles has steepened significantly, as OTM calls trade at a higher implied volatility compared to puts across all tenors, with the one-week tenor put-call skew briefly exceeding 7% before coming back down.

ETH outperformance moderates as skews turn less bullish

After two weeks of ETH outperformance, it now lags behind BTC. While ETH's one-month returns are an impressive 69%, its seven-day increase has been lower, largely due to BTC's recent rally. The inversion in its term structure of volatility persists, with short tenors holding a premium over longer tenors. ETH's put-call skew is now significantly less bullish than last week, though it still shows a 5% skew for OTM calls. The dominance of call options in volumes and open interest has narrowed, with open interest in calls only $30M greater than in puts.

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Bybit X Block Scholes crypto derivatives analytics report (May 22, 2025): Bitcoin options skew steepens toward calls by 7%; ETH outperformances moderate

Discover how trading strategies differ in crypto vs. stock markets, from volatility and profit potential to regulation, TA tools, and trading hours.

 markets both offer profit opportunities to skilled traders but have significantly different characteristics. Compared to equities, cryptocurrencies are much more volatile and less regulated. They have lower barriers to entry and attract traders following 

The differences between the two asset classes mean they require different mindsets, approaches and tools to succeed. Strategies that work perfectly in the stock market may not fit the crypto market or require significant adjustments.

In this article, we will examine the key differences between stocks and cryptos. Understanding and appreciating these differences is key to successful trading in both markets.

Equities are a highly regulated asset class. Traders know that their funds are well protected by securities laws. They can diversify their stock portfolios, mixing in other regulated asset classes. The regulatory recognition also lets traders pursue tax-efficient investment strategies.

Crypto trading, on the other hand, has very low levels of regulation. This opens up opportunities for income sources that aren’t available for traditional asset classes 

The abundance of centralized (CEX) and decentralized (DEX) crypto exchanges and their rate differences also provide 

Skilled crypto traders may also use derivatives products, particularly 

 contracts. These are often based on pairing their target cryptocurrency with an established stablecoin, such as 

 (USDC). By holding the perp contracts with no expiry dates, the traders try to capitalize on the coin’s price movements against the stablecoin without owning that crypto directly. The perp contracts also typically offer the most liberal leverage ratios available in the crypto market.

Stock market trading hours are limited to Monday through Friday, 9:30 AM to 4:00 PM. Most stock exchanges in the US, including the two largest ones — the New York Stock Exchange (NYSE) and the NASDAQ — follow these hours.

These strictly defined hours have given rise to different occurrences, including market-opening momentum. This is where there’s a readily observable spike in activity in the first minutes of the trading day, typically driven by overnight news and pre-market events.

Another is the power hour, the last hour of trading, when traders rush to implement market moves they’re determined to carry out before the close of trading.

Unlike the stock market, the crypto market is open 24/7. The hour-specific phenomena of equities trading rarely apply to cryptocurrencies. Instead, the crypto market’s around-the-clock nature has led to the active use of automated trading strategies that can be executed at certain intervals regardless of the time of day.

 levels than cryptocurrencies. This is particularly true for blue-chip equities in stable, long-established industries like banking or utilities. Examples include JPMorgan Chase & Co. (JPM) and Dominion Energy (D). Even tech and growth-oriented stocks like Microsoft (MSFT) and Apple (AAPL) exhibit lower volatility than crypto since they are global industry leaders with more established fundamentals.

The market’s relatively low volatility has led to the dominance of strategies like value-based investing and long-term trend following.

In contrast, the crypto market’s much higher volatility levels have led to the active use of momentum-based strategies and scalping, which aim to take advantage of small price changes quickly.

Crypto’s higher volatility attracts traders who utilize high-risk and high-reward strategies.

 This is particularly the case with smaller-cap altcoins as opposed to larger, more established cryptocurrencies like 

The stock market’s lower volatility also spells lower profit potential in the short term compared to crypto. Naturally, this is accompanied by less risk.

Instead of chasing large profits quickly, traders in the market try to maximize gains via long-term strategies, taking into account not only price growth but also dividend potential and other factors not directly tied to the stock price.

 (DCA), dividend-based investment, and long-term value investing are widespread in equities.

In contrast, the crypto market offers higher potential profits coupled with higher risks. High-risk strategies, such as leverage trading, short-term trend chasing and speculative altcoin investing, are very popular in the market. Not many active crypto traders, die-hard 

 aside, want to follow multi-month or multi-year approaches, which are very common in the stock market.   

As a result, you can earn significantly higher profits in crypto. However, the market also has an abundance of horror stories in which traders lose everything, or at least a significant proportion of their capital, trying to apply high-risk strategies.

 (TA) tools have a long and established history of use in the stock market. Equity traders use TA indicators like support and resistance levels, 

 and many others to support their decision-making. They also use fundamental analysis data pieces 

such as company earnings reports, price-to-earnings ratios, debt-to-equity ratios, dividend yield estimates and sectoral growth reports 

In the crypto market, many standard TA tools work reasonably well for high-cap, high-liquidity coins like Bitcoin and Ethereum. For these assets, support and resistance levels, volume data and basic patterns can provide useful information to support the trader’s actions. 

However, many TA indicators become less reliable the lower the liquidity of the analyzed coin. For low-liquidity altcoins, these indicators might become useless or even deceptive.

The most basic trading instrument in the equities market is the actual stock of publicly traded companies. Additionally, traders can invest in 

 (ETFs) that provide exposure to equities, bonds, indices, commodities, cryptocurrencies and other asset classes. In many cases, ETFs are based on a basket of assets, though single-asset ETFs are also quite common.

Stock traders also often invest in bonds, usually through the over-the-counter (OTC) bond market. Those with an understanding of the derivatives market may also trade options, futures or contracts for difference (CFDs) on specialized derivatives exchanges.

Typical trading instruments are somewhat different in the crypto market, where the most popular form of trading activity is the spot buying and selling of cryptocurrencies.

Skilled crypto traders may also use derivatives products, particularly perpetual futures contracts. These are often based on a pairing of their target cryptocurrency with some established stablecoin, such as USDT or USDC. By holding the perp contracts with no expiry dates, the traders try to capitalize on the coin’s price movements against the stablecoin without having to own that crypto directly. The perp contracts also typically offer the most liberal leverage ratios available in the crypto market.

There are considerable differences between equities and crypto, meaning trading these asset classes requires different approaches. Crypto’s 24/7 markets mean that many of the time-of-the-day phenomena observable in the stock market, such as the opening momentum and the rush hour, do not apply.

At the same time, the crypto market’s high volatility also means that traders actively use scalping and momentum-based strategies. The high volatility also attracts the trader crowd that prefers to apply high-risk and high-reward strategies. While risks in the market are considerably higher than for equities, potential profits, especially in the short term, can be significantly stronger.

Cryptocurrency traders should also consider that established TA methods may not provide as clear signals as they do in the stock market, particularly for smaller-cap coins. The prevalent trading instruments differ to some extent as well 

 spot cryptocurrency trades and perps dominate in the crypto market, while stocks and ETFs are the name of the game for equity traders.

Intermediate

trading difference between crypto and stocks

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Stock market vs. crypto: Different approaches to trading success

Mantle has partnered with Republic Technologies to make mETH the first liquid staking token held on the balance sheet of a publicly listed company.

The S&P 500 slipped 0.04% as deficit concerns from a $4T spending bill and a U.S. credit downgrade pressured markets. Gold fell 0.83% to $3,289 as a stronger US Dollar and solid US data outweighed falling yields, though long-term bullish sentiment remains supported by geopolitical risks. The Coindesk Indices, which tracks the broader crypto market, rose 2.13%, with Bitcoin and Ether up 2.35% and 5.37%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is WLD, up 28.0% after Worldcoin raised $135M to scale its network, with verified users surpassing 12.5 million.

Worldcoin (WLD), uses iris scans to verify identity, giving users a World ID and free tokens. Co-founded by Sam Altman, it aims to build a global identity and financial network. Worldcoin 

 $135M through a direct token purchase by a16z and Bain Capital Crypto to scale its network, now with over 26M users and 12.5M verified via the Orb. The funding increased WLD's circulating supply.

Check out the latest prices, charts, and data of 

 with Republic Technologies to make mETH the first liquid staking token held on the balance sheet of a publicly listed company. Republic will allocate ETH to Mantle’s mETH Protocol, reflecting a shift in institutional strategy toward Ethereum-based yield infrastructure. The move supports Mantle’s broader plans, including mETH’s role in the upcoming MI4 index fund and Mantle Banking, which aims to integrate mETH into traditional finance.

Yesterday, Bitcoin spot ETFs saw $57.6M in inflows, entirely from non-GBTC funds, with GBTC recording no flow.

, featuring Spark—a DeFi platform with $2.6B in liquidity—is now live. Users can earn Snaps by posting, liking, or engaging with Spark-related content on Crypto Twitter. More Snaps means more rewards.

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Mantle partners with Republic Technologies as mETH becomes first liquid staking token on public company balance sheet

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Bybit Card

What are the key differences between a traditional debit card and a crypto debit card? Find out more in this article and determine which suits you better.

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Modern society increasingly focuses on cashless transactions. Being able to pay by scanning a card can make a lot of transactions faster, easier and more secure. However, it brings up some new questions for consumers. How do you pick which card you want to pay with? There are a lot of options, and they all have their pros and cons. Traditional debit cards and crypto debit cards are two of the most popular choices. To find the right option, you'll need to carefully consider your personal budget and preferences.

A traditional debit card is a payment card connected to your bank account. When you use it, it deducts money from your checking account and uses those funds to complete your transaction.

Traditional debit cards usually run on major debit card networks like Mastercard or Visa. In addition to connecting to bank accounts, some debit cards are also prepaid debit cards that connect to a set amount of funds which you added to the card at the time of purchase.

A traditional debit card in Europe generally works by using chip-and-PIN technology. This system stores sensitive information on an embedded computer chip, rather than on a magnetic stripe like with US-issued cards. This ensures greater security and prevents unauthorized access to bank accounts since the data stored on the chip cannot be easily copied or duplicated. 

Additionally, the widespread adoption of 

 in European countries has made it more convenient for users to use a traditional debit card. All one has to do to pay for goods and services is tap their card at an NFC-enabled terminal or reader. This method is much faster and more secure than traditional payment methods since it eliminates the need for entering any type of PIN code.

Benefits and risks of a traditional debit card

Due to the unique way they work, traditional debit cards can be quite useful, but they also come with some potential downsides. Here are a few pros and cons to be aware of.

The main advantage of a debit card is that it is incredibly convenient. Using one is faster than writing a check or counting out cash. Furthermore, major debit card providers are accepted at almost all retailers and online shops.

Many people also like that debit cards are only meant to spend money you currently have deposited in your account. There are fewer transaction fees, because you aren't borrowing money from a lender. Unlike traditional credit cards, you might also find that you're less likely to spend excessively — since you can't automatically borrow thousands.

Debit cards might be convenient, but they can cause problems if fraud occurs. Anyone who gets a hold of your card can easily use it to process transactions with a simple tap against an NFC-enabled terminal, andyou may be required to pay all the fraudulent charges yourself.

Another problem is that your debit card doesn't necessarily quit working just because your bank account doesn't have funds. Depending on how your account is set up, you might be able to overdraw funds and end up with significant overdraft charges.

When should you use a traditional debit card?

Anyone who has funds in a standard bank checking account should have a regular debit card. A debit card makes it fast and easy to get your money out of your account.

It is also a good idea to use a traditional debit card for situations where you want simple, straightforward transactions. Debit cards are especially useful in situations where you can't carry cash or want to pay online.

Ultimately, a traditional debit card is a great tool for day-to-day activities, such as shopping or paying bills.

 is a card that lets you spend crypto in a variety of transactions. The funds for the transactions come from cryptocurrency that is automatically converted to fiat currency.

Just like traditional debit cards, crypto debit cards can be used for in-store and online purchases or for ATM withdrawals, but they're offered through a crypto provider instead of a bank. The card connects to a 

, and the funds you spend from the card are subtracted from the crypto wallet.

From the user's perspective, crypto debit cards work much like any other card. You decide to make in-person or online purchases, and then swipe the card against a machine or enter your card details at an online shop. However, a few additional steps are happening behind the scenes:

Benefits and risks of a crypto debit card

If you're interested in cryptocurrency or decentralized finance (

), a crypto debit card can be very useful. Just keep in mind that they have some unique issues, which people used to traditional cards might not expect.

Crypto debit cards are a great way to perform standard transactions and online purchases, while enjoying the perks of digital currency and decentralized finance. You don't have to sign up for a bank account, and crypto debit cards let you use your cryptocurrency in day-to-day life without a lot of extra steps.

Crypto cards offer some unique chances to make money. Unlike traditional debit cards, most card providers offer crypto rewards to those who use their cards. These crypto rewards are often cryptocurrency tokens that can increase in value over time.

For example, Bybit Card offers up to 10% cashback in BTC, ETH, AVAX and USDC when you spend in five categories: travel, transport, fashion, restaurants and beauty and wellness. New users can enjoy up to $150 and existing users up to $75, all within your first month. You’ll even receive 10% off top brands, such as Netflix, Spotify and ChatGPT. But that’s not all — earn Reward Points for every dollar you spend, which can be accumulated and later converted to USDT or redeemed for exclusive merchandise!

When using crypto debit cards, it's important to be aware of their limitations. Not all nations allow cryptocurrency debit cards or accept crypto payments. You'll need to make sure that the provider you choose is valid in your location.

Keep in mind that your crypto assets are more volatile than fiat currency. Their value shifts, up and down, so the amount of money on your debit card will fluctuate. Unlike a traditional debit card, you'll need to check the value of your crypto before making big purchases.

Another downside is that each transaction comes with some fees. Most crypto debit card providers 

 associated with converting crypto into fiat currency. These foreign exchange fees vary, depending on what country you're in, but they can be a little pricey.

A crypto debit card is a great choice if you own cryptocurrency and want a convenient way of using your funds and earning rewards. With a crypto debit card, you can skip having to sell your cryptocurrency and convert it to fiat currency. The card provider handles all these little details for you while the rest of your cryptocurrency investments continue to grow.

Crypto debit cards are also very helpful if you aren't able to open (or aren't interested in opening) a bank account. They allow you to get a card that you can use electronically without having to deposit any money in a bank.

When considering crypto cards versus traditional debit cards, it's important to remember that there’s a lot of variation among crypto debit cards. Most traditional debit cards are very similar, with just slight differences in fees and rewards. Meanwhile, crypto cards are offered by a lot of different companies, with a lot of different features. Here are a few things to consider when figuring out how to pick the 

 makes it easy to access your crypto savings whenever you want. As Bybit has entered a strategic partnership with Mastercard for the Bybit Card, you’ll be able to spend at over 90 million merchants worldwide. Furthermore, the Bybit Card is EMV® 3-D Secure enabled. This fraud prevention technology allows for consumer authentication during online payments. As such, you can shop online with ease, without worrying about your security being compromised. 

As mentioned previously, Bybit Card offers up to 10% cashback across selected spending categories, along with access to our Rewards Program. Every time you spend with your Bybit Card, you’ll earn Rewards Points that can be redeemed for exclusive rewards to make every transaction even more rewarding.

Want to get even more out of your card? Simply turn on Auto-Savings to earn up to 8% APR on your card balance, growing your crypto while you spend. There are no annual or inactivity fees, and applying for your card is completely free.

The Bybit Card supports a wide range of cryptocurrencies — including BTC, ETH, XRP, TON, USDT, USDC and more — to offer flexibility and highly competitive rates for crypto spenders.

First-time cardholders can also unlock special bonuses as follows:

Traditional debit cards vs. crypto debit cards: The similarities

Still not sure which is right for you? The good news is that these two card types have a lot in common, so both will work well in basic situations.

The two types of cards look almost identical, and can be used in-person or online. They're all standard rectangles of plastic that fit in a wallet, and you can use them all by typing in a number or tapping it against a terminal.

Whether you have crypto debit cards, traditional debit cards or prepaid debit cards, they only work with the money you already have. Unlike a credit card, debit cards don't let you borrow money when you've run out of funds.

Crypto debit cards and traditional debit cards both seem to work automatically. All the digital information gets transferred around at high speeds, so you don't have to wait for transactions to be finalized. They're also very fast and easy to use — as compared to counting out cash or writing a check.

Traditional debit cards vs. crypto debit cards: The differences

Though they have a lot in common, crypto and traditional debit cards aren't identical. To choose the best option for your needs, it can be helpful to consider their differences.

Most crypto debit cards have higher fees than traditional cards. Not only are they more likely to have transaction fees, but they often have foreign exchange fees, too. However, crypto cards compensate by letting crypto holders earn rewards that they couldn't with most traditional debit cards.

The funds that back a traditional debit card are sitting in a bank account, while the funds behind a crypto debit card are digital currencies in a crypto wallet. Due to this difference in funding, traditional debit card balances remain stable, while crypto debit card balances fluctuate as the crypto that backs your card changes in value.

Traditional debit cards are often automatically provided through your bank, so it's fast and easy to set one up if you have a bank account. However, if you don't have a bank account, crypto cards are often easier to set up. You can connect them to any wallet without having to become a bank member.

Which one suits you better — a traditional debit card or a crypto debit card?

You might prefer a traditional debit card if you don't own any crypto, and want to keep things as simple as possible. This type of debit card is convenient, reliable and has low fees. However, any crypto holder can benefit from a crypto debit card. Though it takes a little more effort to set up a crypto card, even beginners can easily figure out the steps. It makes it much easier to cash out your crypto funds, and it also lets you earn neat crypto rewards.

Keep in mind that you don't necessarily have to choose just one or the other. Plenty of people get both, so they can get all the perks of both types of cards. 

Crypto debit cards are an exciting new take on the traditional debit card model. With a crypto card, you can easily turn your crypto assets into real-world products or services. Taking the time to figure out how these unique cards work comes with plenty of advantages. As long as you have a crypto account, it's a good idea to also have a crypto debit card. Try the 

Traditional debit card vs. crypto debit card: Which one is right for you?

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Traditional debit card vs. crypto debit card: Which one is right for you?

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