Place/Date: - April 6th, 2023 at 10:46 am UTC · 3 min read
Source: Big Eyes Coin
According to an Independent Reserve Survey of 1500 respondents, 43% of Singaporeans own some form of cryptocurrency, highlighting the country’s interest in the asset class.
This figure is a small increase from last year’s report of 40%. Singaporean residents have opted to add crypto to their assets for many reasons. Diversifying portfolios is one of the main motivations with 77% of respondents investing in more than one cryptocurrency asset. Alongside the increasing adoption of cryptocurrencies, there has been expanding awareness of the asset class. An overwhelming majority of 91% of respondents said they were aware of cryptocurrencies. If we look deeper into the survey’s results, we’ll find that 54% of the respondents who were aware of cryptocurrency entered the digital asset ecosystem to diversify their portfolios.
A sizable portion of investors who entered the digital asset market in the last 12 months did so because they were influenced by their friends and family members.
Respondents who held their cryptocurrency over the long term were mostly happy with their investment decisions. 72% of long-term cryptocurrency investors said they would recommend cryptocurrency to their friends and family members. Short-term investors didn’t fare out too well when compared to their long-term peers. 40% of crypto investors with experience of less than a year had losses on their portfolio.
Compared to other Southeast Asian countries like Japan and Thailand which have adopted a more lenient approach to encourage more investment, Singapore is a bit more strict when regulating cryptocurrency markets. Over the last ten years, MAS (Monetary Authority of Singapore) has been cautioning residents and businesses with disposable income about the high-risk nature of cryptocurrency investment.
In 2017 MAS reinforced the need for ICOs to follow existing securities laws if the underlying token was structured in the form of security. This happened shortly after ICOs became a profitable market thanks to a boom the year before. Towards the end of 2017, MAS again cautioned investors about pouring their cash into cryptocurrency shortly following sharp increases in Bitcoin’s price throughout the year.
Five years later MAS further clamped down on the industry by restricting the marketing of cryptocurrency in public areas.
Despite the regulatory screw-tightening around cryptocurrency, the survey above shows Singapore’s interest in digital assets isn’t going down anytime soon.
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