43% of Singaporeans own cryptocurrency despite declining confidence

Singaporeans continue to invest regularly in cryptocurrencies despite an overall decline of confidence, according to a report released today by Independent Reserve, a crypto exchange that operates in Singapore and Australia.

The 2023 Independent Reserve Cryptocurrency Index (IRCI) Singapore polled 1,500 residents of the city-state on their views on crypto.

The firm said 46% of Singaporeans polled are investing up to US$750 monthly in crypto.

It’s no surprise that 45% of respondents cite price vitality as a barrier to cryptocurrency investing, with 30% wanting more clarity in consumer protection and regulation.

The Monetary Authority of Singapore is reviewing feedback from respondents on proposed crypto regulatory measures and is looking to publish its response by mid-2023.

Here are some other notable findings from the report:

• Women crypto investors are on the rise – 37% of women respondents are investing in cryptocurrency, up 7 percentage points from the year before. More than 75% of women crypto investors reported making money or breaking even.
• Among the respondents, 40% are likely to invest in cryptocurrency in the next 12 months.
• Despite prolonged market headwinds, 72% of crypto investors are likely to recommend investing in cryptocurrency to family and friends.
• Among those earning over S$10,000 (around US$7,500) per month, 53% are investing S$1,000 (US$750) in cryptocurrency monthly, showing that higher income fuels greater investment.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.33

Credits

Graphics: Timmy Loen
Editing: Thu Huong Le and Lorenzo Kyle Subido