A new survey conducted by Asia-Pacific cryptocurrency exchange Independent Reserve said that 43% of people of Singapore owned cryptocurrency, with 46% planning to buy digital assets in the next 12 months, as 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.
It has been reported that 66% of respondents in the 26 to 45 age bracket said they owned cryptocurrencies. Unsurprisingly, 93% of the polled said that 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.”
However, 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 reported recently, financial authorities in Singapore confirmed that they are working with their French counterparts to explore cross-border applications of central bank digital currencies (CBDCs). The Monetary Authority of Singapore, the city state’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."
Likewise, Raks Sondhi, the Managing Director of Independent Reserve, said:
“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.”
Thus, Singaporeans appear to be much further ahead of the adoption curve when compared with other nations. 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.
Source: Cointelegraph | Image: Investopedia