Singapore is leading the world in cryptocurrency adoption. About 40% of investors in the country hold digital assets. This information comes from a report by Bloomberg, which references data from Henley & Partners.
The nation has built a strong infrastructure and clear regulations for the digital asset industry. This sets Singapore apart from many other countries.
Currently, there are around 30 licensed payment firms in Singapore. These include major players like Coinbase and Ripple from the U.S., as well as Hong Kong-based Futu. All of these companies are authorized by the Monetary Authority of Singapore (MAS), the central bank and financial regulator. They are even exploring the idea of a digital Singapore dollar.
On top of that, Singapore is introducing tax incentives for cryptocurrency. Other Asian countries, such as China and India, are taking a more cautious approach. They are moving slowly, weighing their options.
Interestingly, both Gen-Z and Baby Boomers are increasingly open to the idea that crypto transactions could become mainstream. This shift follows the U.S. approval of crypto spot exchange-traded funds (ETFs).
A recent survey by the crypto exchange Independent Reserve found that around 40% of Singaporean investors own cryptocurrencies. The report suggests that Singapore could benefit from its focus on digital assets. With Donald Trump returning to the White House, many believe this could lead to a supportive environment for a crypto market rally.
After Trump's victory in the November election, the price of Bitcoin (BTC) surged past the six-digit mark. It is currently trading at $105,281.