A study published on Monday shows that, according to the Independent Reserve Cryptocurrency Index (IRCI), 43% of Singaporean cryptocurrencies own, while most crypto investors are between 25 and 44 years old.
The opening year of the Independent Reserve Cryptocurrency Index (ICRI) in terms of adoption and other key drivers of cryptocurrencies. Singapore, the city-state of the ASEAN member country in Southeast Asia, achieved 63 out of 100 points in the ICRI index and was thus higher than Australia with 47 points compared to the previous year. According to the report, Singapore has an open-minded and responsive regulatory environment.
According to the report, several highlights are shown as follows:
- 93% of Singaporeans know at least one type of cryptocurrency. Bitcoin has the highest brand awareness, with 90% of respondents saying they are aware of it, followed by ether (44%) and Litecoin (33%).
- 43% of Singaporeans own cryptocurrencies, which is remarkably high compared to regional and global averages – 82% of respondents hold Bitcoin.
- 74% of crypto owners report that they either make a profit or break even on crypto-related investments.
- Additionally, 76% of Singaporeans between the ages of 26 and 35 believe that crypto will be widely accepted by businesses and the general public.
- The main reason for trust in Singapore cryptocurrency has increased the clarity of local regulatory and tax issues.
- Almost 40% of respondents believe Bitcoin is a fixed asset, more than three times as many as those who think it is money.
- 21% of Singaporeans planned to buy crypto in 2020 but did not say that their buying decisions were directly influenced by the economic fallout from the COVID-19 crisis.
- However, around 7% of respondents thought Bitcoin was a scam.
Adrian Przelozny, CEO of Independent Reserve, described Singapore as “an important hub in Asia due to its robust and well-regulated financial market infrastructure and its openness to new technologies”.
Singapore enjoys a crypto-friendly environment
Singapore enjoys a crypto-friendly environment worldwide. Earlier this month, a study placed Singapore in 3rd place after the US and Cyprus in terms of the crypto-friendly index with more than 30,000 crypto searches per 100,000 population. The Singaporean administration allows people to own and exchange crypto while at least ten crypto ATMs are in operation.
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