26-07-2021, 01:04 PM
Cryptocurrencies are gaining traction, with plenty of Singaporeans now owning some form of the virtual cash while others are keen to add it to their investment portfolios, a survey has noted.
It found that about 43 per cent of 1,000 people polled have cryptocurrency, with 46 per cent saying that they intend to buy some in the next 12 months.
It also noted that 59 per cent of the respondents believe that the digital currency will be adopted on a mass scale in the future.
The survey, which was carried out between February and March by consumer insights provider Toluna, was used to provide data for an index compiled by cryptocurrency exchange Independent Reserve.
Singapore scored 63 points on the index, reflecting the country's positive and progressive attitudes towards cryptocurrency.
Bitcoin hit an all-time high of US$64,870 in April, but has been falling in recent weeks, slumping to below US$30,000 following China's crackdown on crypto firms in May and regulators in the West calling for tighter checks on cryptocurrency.
Meanwhile, Singapore regulations are seen to be crypto-friendly and have been attracting global cryptocurrency firms to set up offices here.
Binance, the world's largest crypto exchange by trading volume, has a Singapore presence through Binance Asia Services, while Chinese firm Huobi has its two local affiliates, Huobi Asset Investments and Huobi Mall.
Mr Raks Sondhi, managing director of Independent Reserve Singapore, said: "With digital currency gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies."
Entities dealing in or facilitating the exchange of cryptocurrency or digital payment tokens (DPT) here must be licensed and regulated.
However, the Monetary Authority of Singapore (MAS) does not regulate DPTs and does not set requirements on whether businesses can accept DPTs for payments.
The MAS website shows about 100 business entities are providing DPT services while the regulator assesses their applications for a licence.
These companies have been operating under a grace period since the new Payment Services Act became effective in January last year.
While more than 300 firms have applied for a licence, none have been issued to any DPT provider.
The MAS has issued numerous advisories and highlighted the risks of investing in cryptocurrency.
Cryptocurrencies are not legal tender here and the prices of most are subjected to speculative swings.
It found that about 43 per cent of 1,000 people polled have cryptocurrency, with 46 per cent saying that they intend to buy some in the next 12 months.
It also noted that 59 per cent of the respondents believe that the digital currency will be adopted on a mass scale in the future.
The survey, which was carried out between February and March by consumer insights provider Toluna, was used to provide data for an index compiled by cryptocurrency exchange Independent Reserve.
Singapore scored 63 points on the index, reflecting the country's positive and progressive attitudes towards cryptocurrency.
Bitcoin hit an all-time high of US$64,870 in April, but has been falling in recent weeks, slumping to below US$30,000 following China's crackdown on crypto firms in May and regulators in the West calling for tighter checks on cryptocurrency.
Meanwhile, Singapore regulations are seen to be crypto-friendly and have been attracting global cryptocurrency firms to set up offices here.
Binance, the world's largest crypto exchange by trading volume, has a Singapore presence through Binance Asia Services, while Chinese firm Huobi has its two local affiliates, Huobi Asset Investments and Huobi Mall.
Mr Raks Sondhi, managing director of Independent Reserve Singapore, said: "With digital currency gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies."
Entities dealing in or facilitating the exchange of cryptocurrency or digital payment tokens (DPT) here must be licensed and regulated.
However, the Monetary Authority of Singapore (MAS) does not regulate DPTs and does not set requirements on whether businesses can accept DPTs for payments.
The MAS website shows about 100 business entities are providing DPT services while the regulator assesses their applications for a licence.
These companies have been operating under a grace period since the new Payment Services Act became effective in January last year.
While more than 300 firms have applied for a licence, none have been issued to any DPT provider.
The MAS has issued numerous advisories and highlighted the risks of investing in cryptocurrency.
Cryptocurrencies are not legal tender here and the prices of most are subjected to speculative swings.