As a new study on Singapore reveals, becoming a crypto-friendly country has paid off in terms of adoption.
Singapore’s 2021 State of Cryptocurrency Report, Implement Cryptocurrency exchange Gemini collaborated with CoinMarketCap and Seedly and found that more than two-thirds of financial investment Singaporeans currently hold cryptocurrencies.
The report conducted a sample survey of 4,348 Singaporean adults who claimed to own or were interested in personal financial and investment products, and the results showed that 67% of the respondents currently own crypto assets.
Although one in five cryptocurrency holders are women, the study described the average level of cryptocurrency holders in Singapore as “a 29-year-old male with an annual household income of approximately S$51,968 (US$38,456).”
Regarding the distribution of crypto assets held by Singapore investors, Ether (Ethereum) Is the native cryptocurrency of the Ethereum blockchain, becoming the most popular cryptocurrency with a ratio of 78%, and 69% of cryptocurrency holders own Bitcoin (Bitcoin). Cardano (have) And Binance Coin (Bitcoin) Followed the top two with 40% and 31% respectively.A quarter of investors hold Ripple According to the survey, and Tether (USDT).
The report shows that people’s interest in cryptocurrencies has increased, partly due to the COVID-19 pandemic, as 67% of cryptocurrency holders invest more during the pandemic to hedge against inflation or invest in increased disposable income due to the lockdown .
On the other hand, lack of knowledge and understanding is the main factor preventing non-crypto owners from investing in asset classes. The volatility of the crypto market, the risky nature of crypto investment, and the lack of supervision are also considered obstacles to investment.
Another recent study of a smaller sample group showed that 46% of Singaporeans plan to Purchase digital assets in the next 12 months. Singapore imposes zero capital gains tax on cryptocurrency income Established itself as a hub for Encryption and blockchain in the Asia-Pacific region.