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Cryptocurrency information about Singapore
How many crypto owners in Singapore?
It is estimated that over 550 thousand people, 9.40% of Singapore’s total population, currently own cryptocurrency.
A total of 6 reports and surveys were used. These sources were then weighted and combined to derive the final estimate. The sources were weighted based on
i) year of the report
ii) scale of the research
iii) credibility of the research
A weightage score of 1 to 3 is given to each source with 3 being the most reliable.
| Source | Estimated amount | Year | Weightage |
| Hootsuite | 409,524 | 2020 | 1.67 |
| Bitpanda | 234,014 | 2019 | 2.00 |
| Binance | 41,431 | 2021 | 2.33 |
| University of Cambridge | 80,618 | 2020 | 2.67 |
| Statista | 561,633 | 2020 | 2.33 |
| Independent Reserve | 2,515,647 | 2021 | 1.67 |
Singapore – the next crypto hub?
Singapore is one of the few countries that openly support cryptocurrencies and blockchain projects. According to the inaugural 2021 Independent Reserve Cryptocurrency Index (IRCI) based on a poll of 1,000 Singaporeans from a representative background of gender, age and location, 43% of the polled respondents said they owned cryptocurrency.(1) From the results, Singapore appears to be much further ahead of the adoption curve when compared with other nations.
Singaporean’s views on crypto
When it comes to adoption, 82% of Singaporeans that own cryptocurrencies hold Bitcoin. Among them, 39% see them as investment assets, 25% see them as a store of value and 12% see them as money. Even though 12% may seem low at the moment, Bitcoin is in no doubt moving from a collectible asset to a medium of exchange as adoption grows and the market matures.(2) Furthermore, among those aged 26 to 35, 75% said they believe cryptocurrencies will become widely accepted by individuals and businesses.
“With digital currency gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies,”
INDEPENDENT RESERVE CEO ADRIAN PRZELOZNY
Crypto’s rising popularity in Singapore
- Vulcanpost: From DBS to Alibaba’s Ant Group, Here are 6 Companies in Singapore… – July 2021
As Bitcoin and other digital assets go mainstream, more companies are wanting a piece of the action. Singapore’s crypto-friendlier regulations are paving the way for the industry to grow and the fast pace of asset digitalisation is also a place of opportunity. This article shares 6 companies in Singapore that are expanding into the cryptocurrency space. - Coindesk: Alibaba, Google Among More Than 300 Companies Seeking Singapore Crypto… – June 2021
The Monetary Authority of Singapore (MAS) has received over 300 requests for payments and crypto exchange licences, including applications from Alibaba and Google. - NIKKEIAsia: Singapore emerges as Asia’s digital securities trading hub – March 2021
The city-state, one of Asia’s bigger financial centers, is emerging as a trading hub for digital securities, or security tokens backed by financial assets. Exchanges to trade these innovative securities are being set up by both local and external players, which hope to attract issuers and investors to their platforms. Growth in Singapore is also spurring initiatives in other Asian countries such as Thailand and Japan, confirming its regional hub status. - SCMP: Singapore’s DBS bank to launch digital currency exchange featuring Bitcoin… – December 2020
Singapore’s largest bank DBS is launching a digital currency exchange featuring four top cryptocurrencies – Bitcoin, Ether, XRP and Bitcoin cash. DBS Digital Exchange would be the world’s first cryptocurrency exchange backed by a traditional bank
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