It is estimated that 642,987, 11.05% of Singapore’s total population, currently own cryptocurrency.¹
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.² 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.⁴
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.⁵
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. ⁶
With slightly more than a quarter per cent 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%. ₈
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