The study found that the super-rich in the two regions are more interested in non-fungible tokens (NFTs) and decentralized finance (defi) products than they are in BTC and ETH.
A recent study found that 34% of family offices and high-net-worth individuals (HNWI) from Singapore and Hong Kong have already invested in digital assets, and close to 60% of them want to do the same.
A Chinese newspaper said that more than 60% of the 30 family offices and HNWIs that took part in the study had assets under management (AUM) between $10 million and $500 million. According to the report, the drop in the market did not stop the super-rich in the two regions from investing in crypto assets.
During this time, the CEO of Aspen Digital is said to have said that he thinks the wealthy families from these areas will put more of their money into digital assets. Yang Paul McSheaffrey, who is a senior banking partner at KPMG China, agrees with everything he says. He said that rich families might decide to put more money into digital assets because they have a good chance of going up in value.
A recent study by the Basel Committee on Banking Supervision found that almost $9 billion in institutional wealth is currently exposed to cryptocurrencies. The Basel committee, which is in charge of making global banking standards, has thought about a new set of rules about how many capital lenders must keep on hand for new types of assets. A committee is a group of national regulators who set rules for banks so that another financial crisis like the one in 2008 doesn’t happen again.
Most of the funds given by the 19 banks that sent in data were locked in Bitcoin and Ethereum, which shows that institutions are at least somewhat sure that these two cryptocurrencies will be accepted. But the risk exposure of all 19 banks to cryptocurrencies is only 0.14% or 0.01% on average.