Survey Report: Singapore’s Growing Appetite for Crypto is Paramount for Mainstream Adoption

According to a survey done by Independent Reserve, there is a strong demand for different financial opportunities ushered in by decentralized financial and other emerging investment opportunities. 

As Singapore makes major strides towards improving crypto adoption in Asia-Pacific, Independent Reserve, the country’s first licensed crypto exchange, did a survey to assess the potential of the regulated market. 

Survey Shows Strong Affinity for Crypto-Based Opportunities

The survey, which was done on both genders and all age groups of the Singapore population, showed a strong affinity for different opportunities opened by decentralized finance (DeFi) and other blockchain-related investment opportunities. 

According to Raks Sodhi, the managing director of Independent Reserve, the growing adoption of cryptos is built on high levels of confidence and trust in cryptos and their future. The survey showed that 58% of Singaporeans believe Bitcoin to be an investment asset (store of value).

Over half of the surveyed persons indicated they would recommend BTC and other cryptos to their friends. In 2021, about 60% of investors in Singapore held the view that the potential of cryptos would grow and reach mass-scale adoption. In 2022, however, only 15% indicated they considered BTC as a real type of money. 

Increasing investors’ trust in the crypto market narrows down to seven things, according to the Independent Reserve: 

  • Clarity on government regulations. 
  • Businesses using cryptos. 
  • Education on how cryptos work. 
  • Price stability. 
  • Ease of access 
  • Ease of use.
  • Privacy.

Clarity of government regulation will come in handy in growing participation by more investors. Another important point is that most investors come from high-income households. 

Education and price stability of cryptos also came out as important factors in determining participation by investors. Even with the concerns, there is a growing interest in cryptos in Singapore

Concluding the assessment, Independent Reserve pointed out that younger adults, 18-25 years, were the most willing to venture into DeFi and Non-Fungible Tokens (NFTs). 

Recently, the Singapore administration passed a new law adding the Monetary Authority of Singapore more powers to respond to crypto companies operating outside the country. The legislation requires crypto companies operating offshore and wanting to start operations in Singapore must first get a license and be subject to requirements for Combating the Financing of Terrorism (CFT) and Anti-Money Laundering (AML).

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