Select Page

Singaporeans Keen on Crypto, New Report Shows 43% Ownership

Singaporeans Keen on Crypto, New Report Shows 43% Ownership
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

The Independent Reserve’s Cryptocurrency Index for Singapore reveals that the country’s citizens are enthusiastic about the crypto market, with 43% owning some.

A new report released by the Australian exchange Independent Reserve shows that approximately 43% of Singaporean citizens hold some cryptocurrency. The exchange also operates in Southeast Asia, which is one of its faster-growing markets.

The report, called the Independent Reserve Cryptocurrency Index (IRCI) Singapore, is a cross-sectional research survey examining the “nation’s awareness, adoption, trust, and confidence in cryptocurrency.” The IRCI scored Singapore a 63 out of a 100 on this scale.

The report highlights that 93% of Singaporeans are aware of cryptocurrencies, with bitcoin being the most recognizable. Ethereum and Litecoin follow with 44% and 33%, respectively.

Noticeably, however, is the fact that 43% of Singaporeans own cryptocurrency, which is higher than most other countries. The report notes that the main motivation for investment in cryptocurrencies is increased clarity with respect to regulation and taxation.

The vast majority of investors fall into the 25–44 age group, which is in keeping with the trend that younger investors are more likely to invest in crypto. 76% of investors under the 26–35 age group also believe that cryptocurrencies become widely accepted by businesses and the general public by 2030.

Furthermore, 40% of respondents believe that bitcoin to be an investment, as opposed to a means of exchange. 25% consider it a store of value, and 7% consider it a scam.

Asian crypto market still looking strong

The results from the survey are overall quite optimistic about the future of crypto. The general public has become much more aware of crypto during the 2021 bull run, especially of niches like DeFi and NFTs. This is occurring despite a global trend towards regulation.

Cryptocurrencies are quite popular in Southeast Asia, even as an ongoing regulatory crackdown by several governments is playing out. China, India, Japan, and South Korea are all either implementing or planning to implement regulations to tackle the growing asset class, with exchanges being the main focus in 2021.

Singapore has not, though it is home to some crypto projects and is something of a hub of cryptocurrency activity. The country’s banking giant DBS is reportedly working on launching an exchange, while the Singaporean government has approved a $9 million blockchain research and development fund.

The country’s central bank is also collaborating with the central bank of France on cross-border CBDC transactions. The test will conclude in the fall season, at a time when many banks will be piloting and releasing results of CBDC tests.

On the regulatory side, the Monetary Authority of Singapore has begun reviewing Binance. This makes Singapore yet another country that is scrutinizing one of the world’s most popular exchanges.

The post Singaporeans Keen on Crypto, New Report Shows 43% Ownership appeared first on BeInCrypto.


Source: BeInCrypto


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments