Seedly, a leading personal finance management platform, partnered with Coinbase to conduct a survey on the views and sentiments of Singaporeans towards cryptocurrencies in 2024. The Pulse of Crypto in Singapore report highlights key insights into cryptocurrency ownership, preferences, and the evolving landscape in Singapore.
“We believe the optimism towards crypto is partly based on the vibrancy of Singapore’s web3 ecosystem which is welcoming of builders, investors and users, ensconced within the strong digital asset regulatory framework that seeks to balance consumer protection with innovation. With the rapid developments in the crypto space, Seedly is set to help Singaporeans understand the changing crypto landscape and enable them to make smarter financial decisions.”
Yeap Ming Feng, Head of Seedly
What you should know
- Over 57% of surveyed Singaporeans own cryptocurrency, with 46% expressing optimism about its future in the next 12 months.
- Security of assets is the top priority for 74% of respondents when choosing a crypto exchange, followed by ease of use (60%) and regulation (58%).
- “Staking” emerges as the most popular use case for crypto in the past year, with 55% participating through centralized exchanges and 38% through decentralized finance apps.
- Market volatility, high risk, and lack of regulation are cited as top concerns by non-crypto users, but 56% of them are likely to enter the market within the next year, driven by factors like investor protection and attractive promotions.
“This survey, among other signals, reaffirms our view that the Lion City’s ecosystem around digital assets has remained resilient over the last year. While it is important to balance innovation and consumer protection, Singapore users are fortunate they have access to onshore, regulated service providers underpinned by sound regulations that increases trust in the system.”
Hassan Ahmed, Singapore Country Director at Coinbase
Seedly’s report portrays a robust and optimistic crypto landscape in Singapore, with a significant portion of the population actively engaging in cryptocurrency. The findings highlight the importance of security in the crypto space and highlight the potential for growth as more Singaporeans express interest in entering the crypto market in the coming months.
