Crypto
More than 1 in 2 finance-forward Singaporeans own cryptocurrency: Report – ETCIO SEA
Seedly, a Singapore-born personal finance management solution platform and subsidiary of MoneyHero Group (Nasdaq: MNY) today published its The Pulse of Crypto in Singapore Report to unveil the views of savvy Singaporeans and sentiments towards cryptocurrencies (“crypto”) going into 2024.
The survey conducted by Seedly in collaboration with Coinbase, the US publicly listed cryptocurrency exchange, questioned 2,006 Singapore-based adults across all ages and household incomes between 23 October 2023 and 15 November 2023 to get data-driven insights about the evolving cryptocurrency landscape in Singapore. The sample is reflective of finance-forward Singapore-based adults who have a strong interest in personal finance and investments, and users who actively discuss these topics among the Seedly community.
Overall, the survey results show that Singaporeans continue to have a strong interest in cryptocurrencies as an asset class despite market volatility. More than 1 in 2 (57%) Singaporeans own cryptocurrency, and 46% of the respondents are bullish about cryptocurrency in the next 12 months. At the same time, more than half of them believe that crypto is the future of finance (56%).
The report also finds that users are looking for access to a low-cost, trusted, and regulated platform to manage their digital assets. Among the crypto users surveyed, “staking” (55%) is the most popular use case in the past 12 months. Other key findings include:
- Cryptocurrency ownership is high among finance-forward Singaporeans. More than 1 in 2 Singaporeans surveyed own cryptocurrency (57%). Among those surveyed, 9 in 10 respondents have an interest or are familiar with the cryptocurrency space. 56% of the crypto owners surveyed said they have US$1,000 to US$24,999 in cryptocurrency.
- Security of assets is the key crypto exchange attribute. About 3 in 4 Singaporeans (74%) surveyed consider the security of their assets the most important attribute when it comes to crypto exchanges, followed by ease of use (60%), and regulation (58%).
- Gaining short term profit (60%), capital appreciation through long-term holding/ investments (60%), and diversification of investment portfolios (56%) are the top three benefits that crypto users surveyed are hoping to gain out of crypto trading.
- Staking is the most popular use case for cryptocurrency in Singapore in the past 12 months, with 55% of crypto users staking through a centralised exchange, and 38 % staking through a decentralised finance app. Other popular uses include buying/selling crypto with fiat (51%), storing crypto in a self-custody wallet (48%), and trading one crypto for another (40%).
- Low fees (64%), regulated (62%) and ease of use (60%) are the top three features or benefits of a cryptocurrency exchange that are the most important to crypto users surveyed.
- When it comes to crypto education, the majority of respondents get their information from friends or family (57%), crypto publications (53%), and social media/ forums (48%). Only 16% of the respondents said they would rely on financial advisors.
While market volatility (57%), high risk (53%) and the lack of regulation (45%) are the top reasons holding non-crypto users surveyed back from participating in crypto, 56% of those who have not bought, sold, or held crypto said they are likely to acquire crypto in the next 12 months. The top impetus to spur purchase of crypto includes better investor protection (62%), a good price to enter the market (54%), and an attractive promotion (39%).Yeap Ming Feng, Head of Seedly, “We believe the optimism towards crypto is partly based on the vibrancy of Singapore’s web3 ecosystem which is welcoming of builders, investors and users, ensconced within the strong digital asset regulatory framework that seeks to balance consumer protection with innovation. With the rapid developments in the crypto space, Seedly is set to help Singaporeans understand the changing crypto landscape and enable them to make smarter financial decisions.”
Hassan Ahmed, Singapore Country Director at Coinbase, “This survey, among other signals, reaffirms our view that the Lion City’s ecosystem around digital assets has remained resilient over the last year. While it is important to balance innovation and consumer protection, Singapore users are fortunate they have access to onshore, regulated service providers underpinned by sound regulations that increases trust in the system.”
