Is Cryptocurrency Popular in Singapore
The crypto craze spread across the world in the past couple of years, and many regions adopted the new digital currency trend to its full potential. Asia has always been one of the top continents in terms of cryptocurrency acceptance, and one of the leading countries in Singapore.
At the end of last year, crypto rating company Coincub ranked Singapore as the most crypto-friendly country in the world. The reason Singapore is named a top country for crypto acceptance has a lot to do with the positive legislative environment, high rate of cryptocurrency adoption, and robust economy.
Today, cryptocurrencies in Singapore are very popular and according to recent data from Statista, more than 44% of all crypto owners have Bitcoin, followed by Ethereum with 43%. No wonder why Bitcoin casino is one of the most searched terms by the locals.
From the total amount of crypto owners in Singapore, we can estimate that 15.8% of the total population own some kind of digital cryptocurrency, which is slightly above the global average of 15.5 percent.
Demographics of Crypto Ownership in Singapore
In order to get a better idea about crypto acceptance in Singapore, let’s go through some data. As of last year, around 80% of crypto owners are men, while 80.2% of crypto holders are under the age of 34.
According to Gemini, the average crypto holder in Singapore is around 29 years old, male, with an average annual household income of $52,000 per year.
Reasons Why Crypto Is So Popular in Singapore
Singapore is without a doubt one of the most tech-froward countries in the world. This is proved by their forward look towards cryptocurrencies where the government encourages people to invest in such currencies.
With that said, here are some reasons why crypto is booming in Singapore.
Strong Crypto Regulatory Framework
Singapore is one of the most forex-friendly countries in the world, and its crypto regulatory framework is very effective. This is one of the first countries in the world that has the Cryptocurrency and Blockchain Industry Association (CBIA) focused on helping small and medium businesses thrive in the industry.
On top of that, Singapore has a modern regulatory structure that covers various financial system-related activities.
Therefore, Singapore is one of the top countries for businesses that operate in the crypto space. Additionally, there are many crypto and blockchain experts to help foreign investors navigate setting up a business in Singapore.
Strong Developed Banking And Financial Infrastructure
One of the key elements for a country to have a forward look on next-generation payment systems is to have a well-developed banking and financial system, which will provide a good infrastructure for crypto firms and easier access to liquidity.
Forward Thinking Government Support
One of the main issues all around the world is the negative thoughts of the government toward cryptocurrencies. In most countries, the government is looking for a way to ban cryptocurrencies and regulate them in a way to discourage people from using cryptocurrencies, which is not the case with Singapore.
Singapore is an excellent example where the government is pushing crypto development that provides utility value. The Monetary Authority of Singapore has collaborated on many occasions with the private-sector blockchain businesses in Singapore and overseas, just to help them bypass some of the issues that come with the use of this new technology.
Singapore Is Increasing Crypto Regulations
In the past couple of years, cryptocurrencies have become very popular in Singapore, where many people see this asset class as a way to get rich quickly. The mass adoption of cryptocurrencies has forced the Singapore government to add further regulations to this new technology.
The goal for local authorities I not to discourage people from using cryptocurrencies, but to mitigate the risks associated with this new technological trend.
Today, the Monetary Authority of Singapore (MAS) is the primary regulator of cryptocurrency service companies and has established many rules and regulations that protect consumers and prevent money laundering and terrorist financing.
However, since the industry is evolving rapidly, the MAS is introducing new regulations to protect their customer interests even further. The new approach of the government is designed to encourage the development of initiatives that will produce some kind of value for Singaporeans, rather than speculate on the price of cryptocurrencies.
All of this proves that Singapore is one of the most crypto-forward countries in the world and the government encourages people to invest in this relatively new technology. Singapore is often referred to as the ‘’little red dot’ due to its small size but the big success that it gathered.
With a population of 5.6 million people, Singapore has some of the world’s biggest companies and crucial financial institutions. This country sees the future of the world’s finances in cryptocurrencies, which is why they are constantly looking for a way to make the process easier for the residents.
Today, Singapore has shifted all its efforts toward blockchain technology, which means that it will become a dominant force in this field in the future.