Singaporeans Embrace Cryptocurrency as the Future of Finance
According to a recent report by Seedly and Coinbase, more than half of finance-savvy Singaporeans believe in the potential of cryptocurrency and consider it the future of finance. The report, based on a survey of over 2,000 adults in Singapore, found that 57% of respondents currently hold digital assets, with the majority investing between US$1,000 and $25,000.
Staking Emerges as the Most Popular Activity
The report also revealed that “staking” has become the most popular activity among crypto users in Singapore over the past year. Staking involves earning rewards by allocating existing holdings to validate transactions on proof-of-stake blockchains. The survey showed that 55% of respondents engaged in staking through centralized exchanges, while 38% utilized decentralized finance (DeFi) apps. Staking has gained popularity as a low-risk passive income strategy that doesn’t require active trading.
Singapore Pushes for Crypto Regulations
Singapore has been actively involved in engaging with global financial authorities regarding digital currencies. In September 2023, the Monetary Authority of Singapore (MAS) conducted a joint test of cross-border trading and settlement using central bank digital currencies. Singapore has also announced plans to impose a trust requirement on cryptocurrency exchanges to instill confidence in the market and protect investors. The MAS and police are working with lenders to refine their approach to onboarding crypto service providers.
Hot Take: Crypto Optimism in Singapore
The survey results highlight the rising interest in crypto and staking among Singaporeans. The majority see cryptocurrency as the future of finance and anticipate price increases in the next 12 months. This optimism underscores the belief that decentralized technologies can broaden access to financial services and shape the future of finance.
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