According to a new poll done by Asia-Pacific cryptocurrency exchange Independent Reserve, cryptocurrency use is increasing in Singapore, particularly among younger generations wanting to profit on the generational wealth potential of Bitcoin (BTC) and other digital assets.
According to the IRCI findings, 43% of those asked claimed they owned cryptocurrencies, with 46% planning to purchase digital assets in the next 12 months. Two-thirds of respondents in the 26 to 45 age group, or 66 percent, indicated they owned cryptocurrencies.
93 percent of those interviewed had heard of Bitcoin, which is unsurprising. BTC was described by nearly 40% of respondents as an “investment asset” and 25% as a “currency.”
Three-quarters of those aged 26 to 35 believe cryptocurrency will be broadly embraced by consumers and corporations. These sentiments show Singapore’s favorable attitude toward digital assets among various groups of the population. Financial officials in Singapore acknowledged they are collaborating with their French colleagues to explore cross-border uses of central bank digital currencies or CBDCs.
Singapore’s central bank, the Monetary Authority of Singapore, has even offered cash rewards to residents who submit digital currency proposals.
Singapore is an “important hub in Asia due to its solid and well-regulated financial markets infrastructure and receptivity to new technology,” according to Adrian Przelozny, CEO of Independent Reserve.
In an email to us, Raks Sondhi, managing director of Independent Reserve, expanded on Singapore’s benefits:
Regulatory certainty is important to many bitcoin exchanges and blockchain enterprises. The Payment Services Act of the Monetary Authority of Singapore provides a solid regulatory licensing and operating framework. With licensing applications from top digital asset exchanges from around the world already submitted, Singapore is positioned to further its status as a pioneer in the field.
According to a representative for the exchange, Singaporeans appear to be much ahead of the curve in terms of adoption when compared to other countries. For example, in 2020, the exchange published independent research of Australia that revealed a bitcoin ownership rate of 18.6%. Singapore received a 63 on a scale of 1 to 100 in the IRCI, compared to 47 for Australia in 2020.