A recent survey of 1,000 Singapore citizens conducted by Australia’s consumer insight provider Toluna has revealed some interesting facts about crypto adoption in the country. Singapore is considered a pro-crypto nation, and this survey only reinforces that revealing how pro-crypto regulations can impact crypto adoption. As per the survey, 93% of the country’s population have heard of cryptocurrencies while 43% of the total population own crypto.
A 43% crypto ownership is quite huge given countries like the USA only have a 6% ownership rate. The high crypto adoption rate is even higher among the younger population between the age group of 26-45 years. Singapore’s DBS bank has launched Asia’s first crypto fund in May.
The report said,
“As a key financial hub in Asia, Singapore has a high level of cross-border transactions, which means digital currency provides a real use case and potential benefits for its economy. This regulatory acceptance coupled with Singapore’s reputation as ASEAN’s fintech hub will make it a haven for cryptocurrency exchanges and startups over the next few years,”
The Payment Services Act, 2019 that came into effect in January this year made it mandatory for crypto exchanges to operate after acquiring a license from Singapore’s regulatory head Monetary Authority of Singapore. The regulations ensured that traders are safer against potential scam platforms.
The survey revealed Ethereum, the second-largest crypto by market cap was twice as popular among the younger age group of 18-25 years of age. Bitcoin remained the top choice of participants in the survey. 74% of the people holding crypto made a profit on their investment, while 21% said they were going to invest in it but opted against it due to Covid related uncertainties.
Singapore has become a crypto hub in the Asian market because of its regulations, making it easier for crypto service providers to adhere to. The government support ensures protection for both, the investors as well as the crypto exchange. Singapore’s pro-crypto approach has a bullish impact on crypto adoption as visible from the survey. 2021 has proven to be a great year for crypto adoption in general with several crypto companies making their public debut.
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