A recent independent survey revealed that more than 40% of Singaporeans now own cryptocurrencies, marking a significant increase in the adoption of cryptocurrencies in the country.
According to the survey of 1,500 respondents, 43% said they own at least some amount of digital currency. This figure is up from about 40% last year and is in line with the adoption level at the peak of the bull market in 2021.
The survey also revealed that 77 percent of long-term cryptocurrency holders own two or more digital assets, noting that diversification is the main reason for investing in multiple cryptocurrencies.
The rise in cryptocurrency adoption in Singapore is not surprising given the country’s tech-savvy population and favorable regulatory environment.
Singapore has taken a pro-crypto stance, recognizing digital currencies as a form of payment and enacting legislation to combat money laundering and terrorism financing via cryptocurrencies.
As cryptocurrencies continue to gain mainstream acceptance, Singaporeans are likely to remain at the forefront of cryptocurrency adoption in the Asia-Pacific region.