Singapore

11.05% of Singaporeans own cryptocurrency

How many cryptocurrency owners are in Singapore?

It is estimated that 642,987 people, or more than 11% of Singapore’s total population, currently own cryptocurrency.

State of Cryptocurrencies in Singapore

Having earned a reputation as one of the world's key financial centres, it is unsurprising that Singapore has also established itself as a global cryptocurrency hotspot.  The Singapore government, along with its primary financial institution, the Monetary Authority of Singapore (MAS), has been vocal and active in preparing its citizens for an ‘economy’ of tokenisation.³ Although in recent times cryptocurrency has been the subject of strict surveillance and regulations, this does not equate to the decline of its popularity within the city-state itself. In fact, it is the Singapore government’s attempt to ensure that the cryptocurrency space is well-regulated to facilitate a safer environment for investors, stakeholders, and citizens.

According to a report by KPMG, cryptocurrency startups in Singapore raised a total of $ 1.5 billion in 2021, up from $109 million in 2020. This was attributed to Singapore’s balanced approach to cryptocurrencies and its astute regulations, which continue to attract many investors.

Singapore Cryptocurrencies Ownership Demographics

As of 2021, roughly 79.9% of cryptocurrency holders in Singapore are men, and 80.2% are under 34. According to a Gemini report, the average cryptocurrency holder in Singapore is likely a 29-year-old male with an average annual household income of roughly $52,000.

With slightly more than a quarter percent of cryptocurrency holders in Singapore holding $15,000/year to no income, it is an empirical representation of cryptocurrencies’ popularity amongst the younger generation. Still, a majority of Singaporean cryptocurrency holders (55%) belong to the educated middle class. ⁷ Unsurprisingly, the two most popularly owned cryptocurrencies are Ethereum (78%) and Bitcoin(69%). Among the other Altcoins, Cardano leads with 40%.

Cryptocurrencies' rising popularity in Singapore

• Bloomberg: Singapore Plans to Broaden Cryptocurrencies Regulations After Shakeout – July 2022
  Singapore authorities continue to maintain their wary embrace of the cryptocurrency industry, concurrently citing the underlying blockchain technology’s potential as the future of the economy. However, the government still advises retail investors to steer clear of it unless they have conducted due diligence and research. Ultimately, the nation-state aims to further cement its position as the forefront and hub for digital assets.
• Reuters: Singapore’s rise, and falter, as Asia's cryptocurrency hub – July 2022
  According to a PwC report, 6% of the world’s cryptocurrency funds are based in Singapore, just behind the U.S. and the U.K. in terms of global standing. As one of the leading financial technology hubs, Singapore has continued to attract digital asset companies. Singapore is also a forerunner in the development of licensing regimes, further enticing companies as the endorsement of a leading regulator would substantiate their legality and credibility.
• Vulcanpost: From DBS to Alibaba’s Ant Group, Here are 6 Companies in Singapore… – July 2021
  As Bitcoin and other digital assets go mainstream, more companies want a piece of the action. Singapore’s cryptocurrency-friendly regulations are paving the way for the industry to grow, and the rapid pace of digital assetisation is also an opportunity. This article highlights 6 companies in Singapore expanding into the cryptocurrency space.
• Coindesk: Alibaba, Google Among More Than 300 Companies Seeking Singapore Cryptocurrencies… – June 2021
  The Monetary Authority of Singapore (MAS) has received over 300 requests for payments and cryptocurrency exchange licences, including applications from Alibaba and Google.