Crypto adoption further rose in 2022: study

About 20% of adults in Singapore own cryptocurrency.

The percentage of Singaporean adults who own cryptocurrency had gone up to 20% in 2022 from 16% last year, data from Finder.com showed.

Of those who own cryptocurrencies, 68% are men, whilst 32% are women.

Amongst types of coins, bitcoin was the most popular amongst Singaporeans (33%), followed by Ethereum (26%).

Cryptocurrency specialist at Finder, James Edwards, said the recent regulatory scrutiny toward the asset class may have pushed investors to rush into buying crypto.

“Earlier this year the Monetary Authority of Singapore asked crypto companies to stop mass marketing and issued stark warnings to consumers. It’s possible that some people thought it was their last chance to easily access the market before it becomes heavily regulated,” Edwards said.

“If you are looking to invest in cryptocurrency make sure to use an exchange that’s licensed with the MAS or has in-principle approval,” he added.

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