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According to a survey conducted in November 2022, Bitcoin was the preferred cryptocurrency among crypto owners in Singapore, with more than ** percent of respondents indicating that they owned Bitcoin. Following closely behind, Ethereum was reported as the second most owned cryptocurrency during the same period. The survey estimated that the rate of cryptocurrency ownership in Singapore was ** percent, slightly higher than the global average of ** percent.

Crypto ownership and leading exchanges

Singapore is one of the leading countries in the Asia-Pacific region for cryptocurrency adoption, with one of the highest ownership rates among its residents. When Singaporeans trade their cryptocurrencies on online exchanges, the security of their assets is the most important consideration when choosing a platform. These users had several popular applications to choose from, with Crypto.com being the most widely used app in the city-state. The company, headquartered in the country, has accumulated thousand monthly downloads as of January 2022.

User behavior

Among the primary reasons for Singaporeans to adopt cryptocurrencies are the influence of family and friends, followed by portfolio diversification. Interestingly, most Singaporeans said they primarily use cryptocurrencies to save these digital assets for future use, while ** percent plan to use cryptocurrencies to purchase goods and services. However, the adoption of cryptocurrencies in Singapore faces some obstacles. Price volatility has emerged as the main barrier to entry, while the lack of consumer protection and regulatory frameworks also figures as an obstacle for some.