This year’s inaugural Independent Reserve Cryptocurrency Index, was determined by polling 1,000 Singaporeans from a diverse range of backgrounds, including gender, age, and geographic area.
According to a new survey conducted by Asia-Pacific cryptocurrency exchange Independent Reserve, cryptocurrency adoption is increasing in Singapore, particularly among younger generations looking to capitalise on the generational wealth potential of Bitcoin (BTC) and other digital assets.
The survey was conducted by Independent Reserve, a Singapore-based cryptocurrency exchange.
According to the IRCI statistics, 43 percent of those asked claimed they owned cryptocurrencies, with 46 percent intending to purchase digital assets in the next 12 months, according to the results of the poll. Of those between the ages of 26 and 45 who answered the survey, two-thirds, or 66 percent, claimed they had cryptocurrency holdings.
A surprising number of respondents (93 percent) stated that they were familiar with the term “bitcoin.” BTC was regarded as a “investment asset” by nearly 40% of respondents, while 25% identified it as a “store of value” or “digital gold” by the other 25%.
Three-quarters of those between the ages of 26 and 35 feel that cryptocurrency will become generally accepted by both individuals and corporations. These attitudes show Singapore’s enthusiastic adoption of digital assets across a wide range of social groups and institutions.
According to a recent report by Cointelegraph, financial authorities in Singapore have acknowledged that they are collaborating with their French counterparts to investigate the potential for cross-border applications of central bank digital currencies, also known as CBDCs.
The Monetary Authority of Singapore, the city state’s central bank, has even offered cash rewards to residents who submit their ideas for digital money to the institution.
“Singapore is a key hub in Asia,” according to Adrian Przelozny, CEO of Independent Reserve, because of the country’s “robust and well-regulated financial markets infrastructure, as well as its willingness to embrace new technologies.”
In an email to Cointelegraph, Raks Sondhi, managing director of Independent Reserve, elaborated on the advantages of Singapore’s financial centre:
The regulatory stability that many bitcoin exchanges and blockchain enterprises are seeking is critical. The Payment Services Act, promulgated by the Monetary Authority of Singapore, establishes a stable regulatory licencing and operating structure.
As a result, Singapore is prepared to further its status as a leader in the industry, with licence applications from top digital asset exchanges from across the world already in the works.
When compared to other countries, a spokeswoman for the exchange told Cointelegraph that Singaporeans appear to be far ahead of the curve in terms of technology usage.
Overall, Singapore received a score of 63 on a scale of 1 to 100 in the IRCI, whilst Australia received a score of 47 in 2020.