Cryptocurrency adoption is growing in Singapore, especially among younger generations looking to capitalize on the generational wealth potential of Bitcoin (BTC) and other digital assets, according to the inaugural 2021 Independent Reserve Cryptocurrency Index, or IRCI, a survey conducted by Asia-Pacific cryptocurrency exchange Independent Reserve.
The survey, which is based on a poll of 1,000 Singaporeans from a representative background of gender, age and location, revealed that 43% of the polled respondents said they owned cryptocurrency, with 46% planning to buy digital assets in the next 12 months. Two-thirds, or 66%, of respondents in the 26 to 45 age bracket said they owned cryptocurrencies.
Unsurprisingly, 93% of the polled said they have heard of Bitcoin. Nearly 40% of respondents described BTC as an “investment asset” and 25% called it a “store of value” or “digital gold.”
Among those aged 26 to 35, three-quarters said they believe cryptocurrencies will become widely accepted by individuals and businesses. These attitudes reflect Singapore’s positive embrace of digital assets across multiple segments of society. As Cointelegraph recently reported, financial authorities in Singapore confirmed they are working with their French counterparts to explore cross-border applications of central bank digital currencies, or CBDCs.
The Monetary Authority of Singapore, the citystate’s central bank, has even offered citizens cash prizes to submit their digital currency ideas.
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."
Raks Sondhi, managing director of Independent Reserve, further explained Singapore's advantages in an email to Cointelegraph:
Many cryptocurrency exchanges and blockchain businesses are looking for regulatory certainty. The Monetary Authority of Singapore’s Payment Services Act provides a stable regulatory licensing and operating framework. With that, Singapore is poised to further its reputation as a leader in the space with license applications from leading digital assets exchanges from around the world already submitted.
A spokesperson for the exchange told Cointelegraph that Singaporeans appear to be much further ahead of the adoption curve when compared with other nations. Case in point: The exchange released an independent study of Australia in 2020 that showed a cryptocurrency ownership rate of 18.6%. Overall, Singapore scored 63 in the IRCI on a scale of 1 to 100, compared with 47 for Australia in 2020.