Study shows 1 in 2 financially savvy Singaporeans own crypto, bullish on its future

High risk and volatility are some of the top concerns deterring non-crypto users.

A new survey revealed 57% of finance-forward Singaporeans own cryptocurrency and nearly half were bullish on its prospects for the next 12 months.

The survey, conducted by Seedly and Coinbase, showed 56% of the respondents believe that crypto is the future of finance as trading the currency provides short-term profit, capital appreciation as a long-term investment, and portfolio diversification.

Crypto owners said they look at security, low fees, regulation and ease of use when considering the crypto exchange they will use for trading. The study also found that staking was the most common use case for crypto in the city-state.

“We believe the optimism towards crypto is partly based on the vibrancy of Singapore’s web3 ecosystem which is welcoming of builders, investors and users, ensconced within the strong digital asset regulatory framework that seeks to balance consumer protection with Innovation,” said Yeap Ming Feng, head of Seedly.

For non-crypto users, their top concerns in the crypto space include market volatility (57%), high risk (53%) and the lack of regulation (45%).

The survey polled 2,006 Singaporean adults of all ages and household incomes from October through November 2023.

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