A study released on Monday shows that 43% of own Singaporean cryptocurrencies, while most of the crypto investors range between 25 to 44 years old, according to the Independent Reserve Cryptocurrency Index (IRCI).
This is the inaugural year for the Independent Reserve Cryptocurrency Index (ICRI) for Singapore regarding the adoption and other key factors of cryptocurrencies. Singapore, the city-state of ASEAN’s member country in Southeast Asia, scored 63 marks out of 100 in the ICRI index, higher than Australia with 47 points compared to the previous year. Singapore enjoys an open-minded and responsive regulatory environment, according to the report.
Per the report, serval highlights are shown as follows:
- 93% of Singaporeans are aware of at least one type of cryptocurrency. Bitcoin has the most brand recognition, with 90% of respondents saying they’re aware of it, followed by Ethereum (44%) and Litecoin (33%), respectively.
- 43% of Singaporeans own cryptocurrencies, which is remarkably high compared to regional and global average estimates—82% of respondents hodl Bitcoin.
- 74% of crypto holders report either making a profit or breaking even in crypto-related investments.
- Also, 76% of Singaporeans between 26 and 35 believe crypto will become widely accepted by businesses and the public.
- The primary driver of confidence in cryptocurrency in Singapore has increased clarity of local regulation and taxation issues.
- Almost 40% of respondents believe Bitcoin to be an investment asset, more than three times the number of those who consider it money.
- 21% of Singaporeans intended to buy crypto in 2020 but didn’t say their purchasing decisions were directly influenced by the economic fallout of the COVID-19 crisis.
- However, about 7% of respondents believed Bitcoin to be a scam.
Adrian Przelozny, the CEO of Independent Reserve, described Singapore as a “key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies.”
Singapore enjoys a crypto-friendly environment
Singapore enjoys a crypto-friendly environment worldwide. Earlier this month, a study ranked Singapore as the 3rd place after the United States and Cyprus in terms of the crypto-friendly index were more than 30,000 crypto searches per 100,000 people. Singaporean administration allows people to own and exchange crypto while at least ten crypto ATMs are operating.
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