A recent survey shows that Singapore's cryptocurrency retail market is entering a new phase, with traders increasingly prioritizing trustworthy platforms over merely seeking low fees.
On Thursday, the results of a survey jointly released by financial platform MoneyHero and cryptocurrency exchange Coinbase revealed that 61% of Singapore's "financial elite" investors currently hold cryptocurrencies, with trust becoming their primary factor in choosing exchanges, surpassing considerations of fees.
Data indicates that the crypto ecosystem in this city-state is shifting from a focus on chasing the lowest costs to placing greater emphasis on compliance frameworks, security, and long-term beliefs.
The study surveyed 3,513 retail investors and Singaporeans interested in cryptocurrency, finding that 58% consider themselves long-term holders, and 42% have held related assets for over two years.
Additionally, the data shows that respondents keep their crypto assets within 10% of their overall investment portfolio, with an average of about three tokens held, indicating that investors are seeking a balance between discipline and diversification.
The survey results reflect a deeper trend of adoption in the region. With 61% of the financial elite in Singapore owning cryptocurrencies, it suggests that this field is no longer a niche market.
According to the survey, 27% of non-holders expressed a willingness to invest within the next 12 months, indicating that there is still room for growth in the region.
Opinions on cryptocurrencies vary among respondents. 44% view it as an asset, while 29% see it as a speculative tool.
In terms of educational channels, social media is considered one of the main sources of information. 62% of respondents prefer social media as their primary channel for acquiring crypto knowledge. Researchers noted that this presents both opportunities and risks of misinformation.
Besides social media, 55% mentioned friends and family, while 43% referred to news and media. 27% of respondents use exchange blogs as their main learning channel.
Regarding their confidence in their understanding of crypto knowledge, the results showed a divide—48% expressed confidence, while 52% did not.
Singapore has long been known as a financial hub, not only for its low corporate tax rates and business-friendly environment but also for receiving a AAA rating from international rating agency Fitch.
The island nation is also one of the first in Asia to promote crypto regulation. In 2020, it implemented the Payment Services Act (PSA) of 2019, which is one of the first comprehensive legal frameworks for digital assets in Asia, defining digital payment tokens (DPTs) as electronic representations of value stored or circulated.
Although Singapore is seen as a leading crypto hub, it is also a highly regulated jurisdiction. In June of this year, local authorities required local crypto businesses to cease operations targeting overseas markets, or face shutdown or hefty penalties, including fines of up to $200,000 or a maximum of three years in prison.
The Monetary Authority of Singapore has made it clear that there will be no grace periods, transitional arrangements, or extensions.
Recently, Singapore has also signaled an impending crackdown on the unregulated stablecoin market. On November 13 of this year, MAS President Chia Der Jiun stated that stability needs to be strengthened, as unregulated tokens have inconsistent anchoring performance. He added that as the stability of stablecoins increases, corresponding regulations must also be continuously reinforced.
Related: A decade of data models supports a $100,000 investment in Bitcoin (BTC), as time will become the greatest driver of appreciation.
Original article: “Survey shows that Singapore's 'financially savvy' crypto retail investors value trust over low fees”
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