Singapore | 2022

Cryptocurrency adoption in Singapore in 2022



of Singaporeans
own cryptocurrency

How many crypto owners are in Singapore?

It is estimated that 642,987, 11.05% of Singapore’s total population, currently own cryptocurrency.¹

State of Crypto in Singapore

Having earned herself a reputation as one of the key financial centres in the world, it is unsurprising that Singapore has also established herself as a global crypto hotspot.  The Singapore government, along with its primary financial institution, the Monetary Authority of Singapore (MAS), has been vocal and active in preparing its citizen for an ‘economy’ of tokenisation.³ Although in recent times cryptocurrency has been the subject of strict surveillance and regulations, this does not equate to the decline of its popularity within the city-state itself. In fact, it is Singapore’s government’s attempt to ensure that the crypto space is well regulated so as to facilitate a safer environment for its investors, stakeholders and citizens.

According to a report done by KPMG, crypto startups in Singapore raised a total of $1.5billion in 2021, up from $109 million in 2020. This was attributed to Singapore’s good balance of friendliness towards crypto and its astute regulations that continue to attract many investors.

Singapore Crypto Ownership Demographics

As of 2021, roughly 79.9% of crypto holders in Singapore are men, while 80.2% of the crypto holders are under the age of 34. According to a report done by Gemini, it can be concluded that the average crypto holder in Singapore is likely to be a 29-year-old male with an average annual household income of roughly $52,000 per year.

With slightly more than a quarter percent of crypto holders in Singapore holding $15,000/year to no income, it is an empirical representation of crypto’s popularity amongst the younger generation. Still, a majority of Singaporean crypto holders (55%) belong to the educated middle class. ⁷ Unsurprisingly, the two most popularly owned cryptocurrencies are Ethereum (78%) and Bitcoin(69%). Amongst the rest of the other Altcoins, Cardano reigns first with 40%.

Crypto's rising popularity in Singapore

  • Bloomberg: Singapore Plans to Broaden Crypto Regulations After Shakeout – July 2022
    Singapore authorities continue to maintain their wary embrace of the crypto industry, concurrently citing the underlying blockchain technology’s potential as the future of the economy. However, the government still advise its retail investors to steer clear of it unless one has done their due diligence and research. Ultimately, the nation-state aims to further cement its position as the forefront and hub for digital assets.
  • Reuters: Singapore’s rise, and falter, as Asia cryptocurrency hub – July 2022
    According to a report done by PwC, 6% of the world’s crypto funds are based in Singapore, just behind U.S. and U.K. in terms of global standing. As one of the leading roles in financial technology, Singapore has continued to attract digital asset companies. Singapore is also a forerunner in the development of licensing regimes, further enticing companies as the endorsement of a leading regulator would substantiate their legality and credibility.
  • 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.

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