Singapore is firmly on track to become a global crypto hub, benefitting not only entrepreneurs but regular folk, too.
Crypto exchange Independent Reserve commissioned a survey of 1,000 consumers across Singapore: 43% owned crypto while 46% were looking to buy in the next year.
Nearly 75% of those crypto owners reported the investment had boosted their overall wealth.
- 66% aged 26 to 45 own crypto, other groups hover around 29%.
- 93% recognized Bitcoin, 7% believe it’s a scam.
- 59% said crypto will reach long-fabled mass adoption.
The survey implying 40% crypto ownership in Singapore is notable despite the relatively small sample size.
USA records 6% ownership rate and China 7%, according to Statista citing 1,000 to 4,000 respondents per country.
And while Singapore scored 63 for its progressive crypto attitude, a similar index last year showed Australia scoring just 47.
“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,” explained Independent Exchange’s survey report.
Crypto takes shelter in Singapore
Beset crypto exchange Binance (which maintains a local subsidiary) boasts a prominent space in Singapore, a city-state playing house to its chief exec Changpeng Zhao (and at peak worldwide pressure, no less).
The Winklevoss twins’ Gemini is also boosting presence by expanding head counts in its Singaporean digs.
Of course, 1,000 respondents mightn’t be enough for a totally realistic cross-section of crypto investors in Singapore.
That said, an Oxford Risk of UK crypto investors of around the same size found 36% of those surveyed had little-to-no crypto knowledge when they first bought in.
Of those, three quarters invested less than 5% of their life savings, while 41% bet under 1% of their total wealth — indicating dabbling in digital assets may be common but many remain unprepared to fully commit.