43% of Singaporeans own crypto, according to Independent Reserve survey

[ad_1]

Cryptocurrency adoption is growing in Singapore, especially among younger generations looking to capitalize on the generational wealth potential of Bitcoin (BTC) and other digital assets, according to a new survey conducted by the exchange Asia-Pacific Independent Reserve Cryptocurrency Fund.

Forty-three percent of those polled said they owned cryptocurrency, and 46% planned to purchase digital assets in the next 12 months, according to IRCI results. Two-thirds, or 66%, of those surveyed in the 26-45 age bracket said they owned cryptocurrency.

Unsurprisingly, 93% of those surveyed said they had heard of Bitcoin. Almost 40% of respondents described BTC as an investment asset and 25% called it a store of value or digital gold.

Among those aged 26 to 35, three-quarters said they believed cryptocurrencies would be widely accepted by individuals and businesses. These attitudes reflect Singapore’s positive embrace of digital assets in several segments of society. As Cointelegraph recently reported, Singapore’s financial authorities have confirmed that they are working with their French counterparts to explore cross-border applications of central bank digital currencies, or CBDCs.

Related: Countries representing over 90% of global GDP explore CBDCs

The Singapore Monetary Authority, the city’s state central bank, even offered citizens cash prizes to submit their digital currency ideas.

Adrian Przelozny, CEO of Independent Reserve, described Singapore as a “key hub in Asia due to its strong and well-regulated financial market infrastructure and openness to new technologies”.

Raks Sondhi, Managing Director of Independent Reserve, further explained the benefits of Singapore in an email to Cointelegraph:

Many cryptocurrency exchanges and blockchain companies are looking for regulatory certainty. The Monetary Authority of Singapore Payment Services Act provides a stable regulatory framework for authorization and operation. With this, Singapore is poised to bolster its reputation as a leader in the space with license applications from major digital asset exchanges around the world already submitted.

A spokesperson for the exchange told Cointelegraph that Singaporeans appear to be much further ahead of the adoption curve compared to other countries. Case in point: The exchange published an independent study on Australia in 2020 which showed a cryptocurrency ownership rate of 18.6%. Overall, Singapore scored 63 IRCI points on a scale of 1-100, compared to Australia’s 47 in 2020.

Related: Singapores DBS Bank Launches Digital Bond Security Token

[ad_2]