Recent reports show that Singapore’s crypto regulatory environment is heating up, from allowing retail investors to participate to outright rejecting crypto licensing applications. The authority goes even further, urging crypto platforms to show data about their businesses’ weekly activities.
Singapore is planning to roll out new regulations that will make it more difficult for retail investors to trade cryptocurrencies. Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon, said at an event this week that despite warnings, surveys show that consumers trading in cryptocurrencies globally are increasing, not just in Singapore. Some global cryptocurrency-related businesses in Singapore has been worrying about the tighter regulations. Many of which are not subject to the financial regulator’s guidelines and regulations on consumer protection.
The Independent Reserve has currently released a survey that shows 40% of Singaporeans who hold crypto. There are also 76% who holds two or more different crypto types, with Bitcoin being the most popular cryptocurrency with approximately 78% of holders, Ethereum being the third most popular cryptocurrency with 50%, and Dogecoin being the most popular cryptocurrency with 25% of holders.
Singaporeans appear to have a high awareness on crypto, with 90% of them having already heard of at least one specific type of crypto, while on the other hand, there are 87% who have heard of and are familiar with Bitcoin. Aside from these, 47% of Singaporeans plan to buy cryptocurrency in the next 12 months, according to the survey.
Editor’s Note: This article by The Mega Maxi is not a financial advise.