The popularity of cryptocurrencies is growing in Singapore. According to a survey, 43% of Singaporeans have cryptocurrencies. The Independent Reserve Cryptocurrency Index (IRCI) shows that most are between 25 and 44 years old.
This year marks the first year of the Independent Reserve Cryptocurrency Index(ICRI) for Singapore, which includes adoptions and key indicators. Singapore, an ASEAN state in Southeast Asia was awarded 63 out of 100 points in the ICRI indicator. This is significantly higher than Australia’s score of 47 points. The report shows that Singapore has an open and flexible regulatory system.
According to the Independent Reserve Cryptocurrency Index-2021, the survey was done using an unbiased sample of Singaporeans who were reflective of the country’s gender, geography, and age. Independent Reserve, a major Australian cryptocurrency exchange, was responsible for the survey. They expanded their services to Singapore in January 2018.
The survey found that 66% of respondents were under the age of 26, while 29% scored for the rest. 51% of Singaporeans (or slightly more than half) owned cryptocurrency, compared with 35% for women.
76% of Singaporeans 26-35 believe that cryptocurrency will soon be accepted widely by businesses and society for payment.
Coinhako, a Singapore cryptocurrency exchange, announced that it had experienced a 500% rise in trading volume and surpassed 700% growth in users trading on the platform in the first five months in 2021. This is compared to 2020.
Singaporeans are open to cryptocurrencies
Singapore is known for its crypto friendly policies. Earlier this month, a study ranked Singapore as the third most cryptocurrency-friendly country in the world. This Asian country was beaten only by the United States and Cyprus. Singapore allows cryptocurrency owners and traders to purchase and trade them, and the government has at least ten bitomers.