Decentralized finance and other investment alternatives have a large following, according to a poll conducted by Independent Reserve.
As Singapore continues to actively push cryptocurrency use throughout the Asia-Pacific region, Singapore’s first licensed crypto exchange, Independent Reserve, has conducted a retail survey to better assess the regulated market’s inherent potential.
Decentralized finance (DeFi) and other investment alternatives were popular choices in the Singapore public survey by Independent Reserve. This included people of all ages and genders.
Singaporeans Trust in Crypto’s Future
Rapid acceptance of cryptocurrency in Singapore is being driven by a high level of trust and faith in its future. This is according to Independent Reserve Singapore’s managing director, Raks Sondhi. In a recent survey, 58 percent of Singaporeans viewed Bitcoin as an investment item or a store of value.
Approximately two-thirds of those polled said they would promote cryptocurrencies to family and friends, which is in line with the aforementioned trend. By the year 2021, about 60% of Singaporean investors anticipated widespread adoption of bitcoin. Moreover, according to a survey conducted this year, 15% of those surveyed perceive Bitcoin (BTC) to be a legitimate currency.
In order to increase investor confidence in the Singapore market, Independent Reserve says that it is necessary to focus on seven key factors: clarity in government regulations, education about how it works, businesses that use it, price stability, an option to ensure crypto, ease of access and use, and not being monitored.
According to the report, Singaporean investors are most likely to participate if there is more clarity about government restrictions. High-income households were the most likely source of cryptocurrency investors.
Both cryptocurrency price stability and education were major influences on crypto investors’ participation. Despite the doubts, interest in cryptocurrency continues to rise in Singapore, with more people looking to buy.
NFT Projects Attract the Youth
Independent Reserve concluded the poll by noting that young persons between the ages of 18 and 25 were the most eager to participate in DeFi or NFT projects.
As a result, the Singaporean government has adopted legislation that gives the Monetary Authority of Singapore (MAS) new authority to respond to crypto businesses operating outside of Singapore.
According to MAS, new legislation will oblige crypto businesses operating abroad to implement AML and CFT requirements and obligations. It’s not hard for digital token service providers to avoid regulation in any jurisdiction because they operate mostly online. This is what MAS board member, Alvin Tan, said in support of the new finding.
