Crypto awareness in Singapore has reached an all-time high, with 94% of respondents in a recent survey indicating familiarity with at least one digital asset.
However, ownership has declined, falling to 29% in 2024 from 40% in 2023, according to Independent Reserve’s fifth annual Singapore Crypto Market Survey released on May 21.
The survey, conducted in February with 1,500 participants, revealed that men remain more active in crypto investing than women, 35% compared to 24%.
Millennials and Gen X (aged 25–54) dominate the investor base, comprising 71% of all holders. Among those trading at least once a week, 76% fall into this age group.
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Half of Singaporean investors plan to increase holdings
Despite the decline in ownership, sentiment remains strong. Over half of current holders (53%) plan to increase their positions in the next 12 months, and 17% of non-holders expressed interest in entering the market.
Bitcoin
continues to be the anchor of the crypto market in Singapore. It is held by 68% of crypto investors and viewed by 86% as either a currency, store of value or investment asset. Notably, 77% believe Bitcoin will be worth over $100,000 by 2030.
Direct ownership remains the preferred method of exposure, with 61% choosing to hold their assets directly instead of through exchange-traded funds (ETFs).
Arbitrage trading is also on the rise, with 67% of respondents saying they had sold part or all of their holdings to capitalize on price swings in the past year.
Meanwhile, 46% of investors hold stablecoins, primarily for trading and DeFi activities, with 83% of these tied to the US dollar.
Memecoins remain a speculative corner of the market, with 28% of respondents holding at least one, with Dogecoin
being the most popular.
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Singapore becomes a global crypto hub
Singapore has cemented its role as a global hub for blockchain and cryptocurrency development, according to a December 2024 report by ApeX Protocol.
The study said Singapore leads the world with 1,600 blockchain patents, 2,433 crypto-related jobs, and 81 active cryptocurrency exchanges.
Hong Kong placed second, with 890 blockchain patents, 1,163 jobs in the sector, and 52 crypto exchanges, reflecting the city’s continued push in the digital asset space.
In 2024, Singapore doubled down on its regulatory momentum. The Monetary Authority of Singapore issued 13 major payment institution licenses to crypto exchanges, more than twice the number granted in 2023.
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