Singapore | 2022

Cryptocurrency adoption in Singapore in 2022

11.05

%

of Singaporeans
own cryptocurrency

How many cryptocurrencies owners are in Singapore?

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

State of Cryptocurrencies 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 cryptocurrencies 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 cryptocurrencies space is well regulated so as to facilitate a safer environment for its investors, stakeholders and citizens.

According to a report done by KPMG, cryptocurrencies 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 cryptocurrencies and its astute regulations that continue to attract many investors.

Singapore Cryptocurrencies Ownership Demographics

As of 2021, roughly 79.9% of cryptocurrencies holders in Singapore are men, while 80.2% of the cryptocurrencies holders are under the age of 34. According to a report done by Gemini, it can be concluded that the average cryptocurrencies 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 cryptocurrencies holders in Singapore holding $15,000/year to no income, it is an empirical representation of cryptocurrencies’s popularity amongst the younger generation. Still, a majority of Singaporean cryptocurrencies 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%.

Cryptocurrencies's rising popularity in Singapore

  • Bloomberg: Singapore Plans to Broaden Cryptocurrencies Regulations After Shakeout – July 2022
    Singapore authorities continue to maintain their wary embrace of the cryptocurrencies 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 cryptocurrencies 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 cryptocurrencies-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 Cryptocurrencies…  June 2021
    The Monetary Authority of Singapore (MAS) has received over 300 requests for payments and cryptocurrencies exchange licences, including applications from Alibaba and Google.

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