Singaporean investors’ appetite for crypto is key to mainstream adoption — Survey

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As Singapore continues to take an active role in promoting crypto adoption in the Asia-Pacific region, Independent Reserve, the country’s first licensed crypto exchange, conducted a retail-focused survey to better understand the inherent potential of the regulated market.

The Independent Reserve’s survey, conducted across all age groups and genders of Singapore’s population, revealed a strong correlation to the various financial opportunities brought forward by decentralized finance (DFI) and other investment opportunities.

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As explained by Independent Reserve Singapore Managing Director Rax Sondhi, the country’s rapid crypto adoption is driven by a high degree of trust and confidence in the future of crypto:

“58% [Singaporeans surveyed] View bitcoin as an investment asset or store of value.”

Supporting the above trend, more than half of the individuals surveyed showed the possibility of recommending cryptocurrency investments to their friends and family. In 2021, around 60% of investors in Singapore believed in the potential of crypto until mass adoption. This year, however, 15% of respondents have started considering bitcoin. (BTC) as the de facto form of money.

Factors to increase confidence among Singaporean investors. Source: Independent Reserve

According to Independent Reserve, investor confidence in the Singapore market boils down to dealing with seven key factors: clarity about government regulations, education about how it works, businesses using it, price stability, The option to ensure crypto, ease of access and use is not being monitored.

Based on the survey, clarity about government regulations will result in the highest participation from Singapore investors. It was also found that investors coming from high-income households were more likely to invest in cryptocurrencies.

The price stability of cryptocurrencies and education were also revealed as the top factors influencing the participation of cryptocurrency investors. Despite concerns, interest in crypto continues to grow in Singapore, with continued interest to buy:

“47% are planning to increase investments in their existing crypto portfolio in the next 12 months.”

Concluding the survey, Independent Reserve highlighted that young adults between the ages of 18 and 25 were most willing to diversify into DeFi or non-fungible token (NFT) projects.

related: Singapore aims to streamline financial watchdog authority over crypto firms

The Singapore government approved the law, giving the Monetary Authority of Singapore (MAS) additional power to respond to crypto firms doing business outside the country.

As Cointelegraph reported, MAS revealed that the latest law would require crypto businesses operating off-shore to be licensed and subject to anti-money laundering (AML) and financing of terrorism (CFT) requirements. Speaking on behalf of the new decision, MAS board member Alvin Tan said:

“Digital token service providers can easily structure their businesses to avoid regulation in a single jurisdiction, as they operate primarily online.”