With all the talk about cryptocurrency in the media recently, we thought we’d take a look at how Crypto is being used in Singapore. The most recent research we conducted with the help of Independent Reserve is that 43% of Singaporeans own crypto, according to their survey. The survey was based on a sample of 1,003 individuals, and the number of people who owned crypto in Singapore was up from 36% in November 2017.
This week, Independent Reserve has released its latest report into Singapore’s unique cryptocurrency landscape. The report finds that 43% of adult Singaporeans own some form of cryptocurrency, and that this number has been increasing steadily over the years.
43% of Singaporeans own crypto, according to Independent Reserve survey.
According to a recent study done by Asia-Pacific cryptocurrency exchange Independent Reserve, cryptocurrency usage is increasing in Singapore, particularly among younger generations seeking to profit on the generational wealth potential of Bitcoin (BTC) and other digital assets.
According to the IRCI findings, 43% of those surveyed indicated they held cryptocurrencies, with 46% intending to purchase digital assets in the next 12 months. Two-thirds of respondents in the 26 to 45 age group, or 66 percent, indicated they held cryptocurrencies.
93 percent of those surveyed had heard of Bitcoin, which is unsurprising. BTC was characterized as a “investment asset” by almost 40% of respondents, and a “store of value” or “digital gold” by 25%.
Three-quarters of those aged 26 to 35 think cryptocurrency will be broadly embraced by people and companies. These views represent Singapore’s favorable attitude toward digital assets among various sectors of the population. Financial officials in Singapore acknowledged they are collaborating with their French colleagues to investigate cross-border uses of central bank digital currencies, or CBDCs, as Cointelegraph previously reported.
CBDCs are being investigated by countries that account for more than 90% of global GDP.
Singapore’s central bank, the Monetary Authority of Singapore, has even given cash rewards to people who submit digital currency proposals.
Singapore is a “important center in Asia owing to its strong and well-regulated financial markets infrastructure and receptivity to new technology,” according to Adrian Przelozny, CEO of Independent Reserve.
In an email to Cointelegraph, Raks Sondhi, managing director of Independent Reserve, elaborated on Singapore’s advantages:
Regulatory certainty is important to many bitcoin exchanges and blockchain companies. The Payment Services Act of the Monetary Authority of Singapore offers a solid regulatory licensing and operating environment. With licensing applications from major digital asset exchanges from across the globe already filed, Singapore is prepared to enhance its image as a pioneer in the sector.
According to a spokesman for the exchange, Singaporeans seem to be well ahead of the curve in terms of adoption when compared to other countries. For example, in 2020, the exchange published an independent survey of Australia that revealed a bitcoin ownership percentage of 18.6%. Singapore received a 63 on a scale of 1 to 100 in the IRCI, compared to 47 for Australia in 2020.
DBS Bank in Singapore has launched a digital bond security token.
A survey conducted by independent Singapore-based research company, Independent Reserve, found that 43% of Singaporeans own cryptocurrency and that the majority of them (78%) are using it to lower their income tax liabilities.. Read more about is independent reserve safe and let us know what you think.
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