Singaporeans' cryptocurrency adoption growing; institutional interest piqued: Independent Reserve

Easy access to cryptocurrencies, clearer regulations as well as higher awareness as a result of more frequent headlines have contributed to Singapore being well ahead of its neighbours when it comes to cryptocurrency ownership. 

Citing research reports and surveys done in the region, Independent Reserve Singapore managing director Raks Sondhi says 43% of Singaporeans own cryptocurrency, compared to just 4% to 19% recorded in markets such as Malaysia, Japan and Australia. 

“Singaporeans, by and large, have a positive attitude towards cryptocurrencies. Contributing factors include the increasing number of cryptocurrency platforms available, easy onboarding process, regulatory clarity and consumer-focused policies as well as prominent news such as El Salvador making Bitcoin a legal tender,” says Sondhi.