FB Pixel no script5 key takeaways about Singapore’s crypto market by Gemini, Seedly, CoinMarketCap | KrASIA

5 key takeaways about Singapore’s crypto market by Gemini, Seedly, CoinMarketCap

Written by Stephanie Pearl Li Published on   3 mins read

Crypto is now mainstream in Southeast Asia, with DBS, the region’s largest bank, providing digital payment token services.

More than 67% of Singaporeans currently hold cryptocurrency as part of their investment portfolio, according to a survey conducted by crypto platform Gemini, personal finance community platform Seedly, and crypto price-tracking site CoinMarketCap. Among the 33% of respondents who do not hold any crypto at the moment, 34% said they would make their first crypto investment in the next 12 months.

“Similar to the growing momentum in the cryptocurrency industry across the world, we are seeing a growing level of investor interest in Singapore, which is encouraging,” said Jeremy Ng, managing director of the Asia Pacific region at Gemini. “This study has also underscored that barriers to entry for potential investors still remain. Engagement with, and education of, both the crypto-curious and current investors will be key to tackling the knowledge gap and ensuring that cryptocurrency is accessible to everyone in Singapore.”

There is surging interest in crypto in Singapore, especially since major financial institutions are becoming part of the action. DBS, Southeast Asia’s largest bank, received in-principle approval from the Monetary Authority of Singapore under the Payment Services Act to provide digital payment token services. As of June, it has amassed 400 investors, registering over SGD 130 million in digital assets.

To unpack the dynamics within Singapore’s crypto market, the authors of the report, titled “The State of Crypto in Singapore,” interviewed 4,348 Singapore-based adults from late June to early July. Here are five key takeaways.

#1: Most crypto users are men under the age of 34

The authors found that 79.9% of crypto holders are men, while 80% of the male users are under the age of 34. An average male crypto user is likely to be around 29 years old, with an average annual household income of about SGD 52,000 (USD 38,300) per year.

#2: A lack of knowledge about digital assets hinders Singaporeans from investing

Although 27% of the non-crypto holders share a sanguine outlook towards crypto investment, almost 70% of them cite a lack of understanding as the main barrier to crypto. Other factors include market and product volatility, and the lack of regulatory oversight.

#3: Good entry prices could lure new investors

In all, 76% of respondents who do not currently invest in crypto said that a good price point to enter the market is one factor that could encourage them to start dabbling in crypto. Others cite better investor protection and attractive promotions from crypto platforms, such as higher interest yield farming and new token listings.

#4: Investors prefer social media platforms over crypto data sites

Among those polled, 65% of the respondents get crypto information from influencers on social media platforms. While 54% of crypto holders also rely on crypto-specific websites such as Binance Academy and Cryptopedia, only 40% seek out firsthand information from crypto listing and data sites.

#5: Asset security is the most important factor when choosing a crypto exchange

When choosing an exchange, 55% of respondents consider security to be the key deciding factor. Other elements of consideration are regulation (23%) and fees (20%), with a rare few indicating product offerings as the most important determinant.

Read this: 4 thoughts on cryptocurrency trading in India from Sumit Gupta, co-founder of CoinDCX


Auto loading next article...