Singapore's Cryptocurrency Ownership Reaches 26% in 2024

According to PANews, a report from The Straits Times reveals that cryptocurrency ownership in Singapore rose to 26% in 2024, up from 24.4% the previous year. The primary users are Generation Z and Millennials, aged 16 to 44, with approximately 40% holding crypto assets. More than half of these users utilize cryptocurrencies for online shopping and bill payments. Nearly 67% of users expressed intentions to increase their use of crypto payments in the future. Research by Triple-A highlights the main advantages of using cryptocurrency payments, including global acceptance, transaction speed, and cost benefits. However, users commonly express concerns about the complexity and security of using cryptocurrencies. Meanwhile, there is a strong demand for recruitment in Singapore's Web3 sector, with the Monetary Authority of Singapore (MAS) having issued 29 digital payment token licenses.