According to a survey conducted by the crypto exchange Independent Reserve, the number of cryptocurrency users is gradually increasing in Singapore. The young generation of Singaporeans in particular are seeking to capitalize on the generational wealth potential of digital assets such as Bitcoin among other cryptocurrencies.
The survey conducted by the Independent Reserve showed the different percentages of the populace that either owned cryptocurrency or had the intention to buy digital assets overall. 43% of the respondents stated their own digital assets, while 46% stated their intention ad plans to buy digital assets in 12 months. Moreover, 66% of the overall respondents between ages 26 and 45 replied with owning cryptocurrencies.
The Chief Executive of Independent Reserve, Adrian Przelozny, described Singapore as a valuable hub of the Asian continent due to its well-regulated financial markets and its openness to new technologies. With such financial markets infrastructure, it is unsurprising that a significant number of Singaporeans are leaning towards cryptocurrency, especially Bitcoin. According to the survey, around 40% of the respondents described Bitcoin as an investment asset, while 25% claimed Bitcoin as digital gold or a store of value.
The survey reported that three-quarters of the respondents stated their beliefs in cryptocurrency, claiming that digital assets are widely becoming popular and are being accepted by individuals and businesses. This attitude towards cryptocurrency mirrors Singapore’s general acceptance of digital assets among several segments of society.
A recent report confirmed that Singapore’s financial authorities are working with French authorities to explore the potential of cross-border applications of Central Bank Digital Currencies.
The managing director of Independent Reserve, Raks Sondhi explained the many advantages that Singapore has in terms of blockchain business. Singapore’s Mmonterary authorities provide a stable regulatory framework that can help the nation poise its reputation as the center of licensed applications from leading digital asset exchanges around the world.
A spokesperson from the exchange deemed Singaporeans as further ahead in the adoption curve as opposed to other nations. Singapore is indeed exceeding in terms of acceptance and adoption of cryptocurrency. In fact, an independent study conducted by an exchange in Australia last year regarding crypto ownership revealed that Australia had an 18.5% rate of ownership. Singapore scored 63 out of 100 in the IRCI in the range, while Australia was at 47.
The Monetary Authority of Singapore offered cash prizes to citizens that pitch their digital currency ideas
