Across the five Asia Pacific markets polled, institutional investors in Singapore experienced the biggest drop in trust in crypto, a study by Bitstamp finds.
According to its “Crypto Pulse” survey, institutional investors in Singapore’s trust in crypto declined to 61% in 2Q from 70% in Q1.
Despite this, more than a third of institutional investors plan in Singapore to increase their investments (35%), expand their knowledge base for its customers (33%) as well as invest in increasing their crypto offerings (34%).
The study also finds that 61.2% of Singapore institutional investors consider themselves as “very knowledgeable” in crypto. This places them above investors in Japan (35.6%) but below those from Australia (72.9%), India (70.8%) and Hong Kong (68%).
Singapore has the highest percentage of investors (32%) who feel that there is not enough regulation in the industry. As at 1Q, the percentage of institutional investors in Singapore who are “cautiously recommending” crypto remained 18%. This placed Singapore in second spot to Australia’s 31% for Asia Pacific.
Bitstamp global CEO JB Graftieaux says trust in crypto is still buoyant across institutions. “[However], institutional investors are right to be prudent with their market participation and advice to clients during this period.”
See also: Bitcoin becomes best-performing asset class in first quarter after gaining 70%
Commissioned by Bitstamp, the Crypto Pulse survey was conducted by an independent research company between May 19 and June 6 this year, involving over 28,000 retail and institutional investors in 23 countries.
