Crypto adoption is increasing in Singapore, especially when it comes to the younger generation that wants to gain from the generational wealth potential of Bitcoin and other cryptos, according to a survey by Independent Reserve, a crypto exchange.
43% of respondents revealed that they owned crypto, while 46% of them declared that they wanted to purchase digital assets in the next year. 66% of respondents between the ages of 26 to 45 revealed that they owned crypto.
93% of those polled revealed that they had heard of Bitcoin. 40% described it as an “investment asset,” while 25% described it as a “store of value” or “digital gold.”
In the 26 to 35 age bracket, three quarters declared that crypto would become widely accepted by businesses and individuals.
Meanwhile, the Monetary Authority of Singapore is working with the French central bank in order to explore cross-border applications of CBDCs. It is also offering citizens cash prizes in order for them to send in their CBDC ideas.
The CEO of Independent Reserve, Adrian Przelozny, described Singapore as a “key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies.”
“Many cryptocurrency exchanges and blockchain businesses are looking for regulatory certainty. The Monetary Authority of Singapore’s Payment Services Act provides a stable regulatory licensing and operating framework. With that, Singapore is poised to further its reputation as a leader in the space with license applications from leading digital assets exchanges from around the world already submitted,” declared Raks Sondhi, the managing director of Independent Reserve.