43% of Singaporeans own crypto, according to an independent survey by the reserve

According to a survey by the Asia-Pacific cryptocurrency alternate Independent Reserve, cryptocurrency adoption is rising in Singapore, particularly amongst youthful generations wanting to harness the wealth potential of the generations of Bitcoin (BTC) and different digital belongings.

The IRCI outcomes present that 43% of respondents stated they owned crypto, with 46% planning to purchase digital belongings in the subsequent 12 months. Two thirds or 66% of these surveyed between the ages of 26 and 45 stated they owned cryptocurrencies.

Unsurprisingly, 93% of respondents stated they heard about Bitcoin. Almost 40% of these surveyed refer to BTC as an “investment asset” and 25% refer to it as a “store of value” or “digital gold”.

Among these aged 26 to 35, three-quarters stated they consider cryptocurrencies are broadly accepted by people and companies. These attitudes mirror Singapore’s optimistic uptake of digital belongings in lots of social segments. As Cointelegraph not too long ago reported, the Singapore tax authorities verify that they’re working with French counterparts to examine cross-border functions of central financial institution digital currencies, or CBDCs.

Related: Countries that account for greater than 90% of international GDP are exploring CBDC areas

The Monetary Authority of Singapore, the metropolis’s central financial institution, has even supplied residents money prizes for submitting their digital foreign money concepts.

Adrian Przelozny, CEO of Independent Reserve, describes Singapore as “an important hub in Asia due to its strong and well-regulated financial market infrastructure and openness to new technologies.”

Raks Sondhi, Executive Director of Independent Reserve, additional defined Singapore’s benefit in an e mail to Cointelegraph:

Many crypto exchanges and blockchain firms are in search of regulatory safety. The Payment Services Act of the Monetary Authority of Singapore gives a steady regulatory and licensing framework. With that, Singapore is poised to construct its repute as a frontrunner on this area with accredited license functions from the world’s main digital asset exchanges.

A spokesman for the alternate advised Cointelegraph that Singaporeans appear approach forward of the adoption curve in contrast to different nations. Typical: The alternate revealed an independent examine on Australia in 2020, which exhibits a crypto ownership fee of 18.6%. Overall, Singapore scored 63 on the IRCI on a scale of 1 to 100, in contrast to 47 for Australia in 2020.

Related: Singapore’s DBS Bank launches digital safety token for bonds