Singapore is continuing to promote crypto adoption in the Asia-Pacific region. Independent Reserve, Singapore’s first licensed crypto-exchange, conducted a survey focusing on retail to understand the potential of the regulated market.
Independent Reserve’s survey, which was conducted across all age groups of Singaporeans and genders, revealed strong support for financial opportunities offered by Decentralized Finance (DeFi), and other investment options.
Raks Sondhi (Managing Director of Independent Reserve Singapore) explained that the country’s rapid adoption of crypto is a result of high levels of trust in crypto’s future.
“58% of Singaporeans surveyed perceive Bitcoin as an investment asset, or a store-of-value.”
More than half of those surveyed said they would recommend crypto investments to friends and family. Nearly 60% of Singapore’s investors believe that crypto will eventually be adopted on a large scale. However, only 15% of respondents started to consider Bitcoin(BTC), a real money form, this year.
Factors that increase trust among Singaporean investors Source: Independent Reserve
Independent Reserve says that increasing investor trust in Singapore’s market comes down to seven key factors. These include clarity around government regulations and education about how they work, business using them, price stability, a possibility to guarantee crypto, and access and use without being monitored.
According to the survey, investors from Singapore will be most likely to participate if there is clarity about government regulations. Investors from wealthy households are more likely to invest cryptocurrency.
Education and the stability of cryptocurrency’s prices were also cited as the main factors that influence the participation of crypto investors. Despite these concerns, there is still interest in crypto in Singapore.
“47% of respondents plan to increase their investment in crypto over the next 12 month.”
Related: Singapore seeks to simplify financial watchdog’s authority on crypto firms
Singapore’s government approved legislation that gives the Monetary Authority of Singapore (MAS), additional power to deal with crypto firms operating outside of the country.
Cointelegraph reported that MAS has revealed that the new legislation will require all crypto businesses operating off-shore to have a license and be subject to Anti-Money Laundering and Combating Financing Terrorism requirements. Alvin Tan, a member of MAS’ board, stated the following:
“Digital token service providers can easily structure their businesses in order to evade regulation under any jurisdiction because they operate mainly online.”