Singapore’s retail crypto market is entering a new phase of maturity, as traders are increasingly prioritizing trustworthy platforms over those with lower fees, according to a new survey.
On Thursday, a joint survey by finance platform MoneyHero and crypto exchange Coinbase revealed that 61% of “finance-savvy” investors in Singapore now hold crypto, with trust emerging as their primary deciding factor for selecting exchanges, outranking fees.
The data suggests that the city-state’s crypto ecosystem is evolving beyond chasing the cheapest exchange to placing value on regulated frameworks, security and long-term conviction.
The study, which surveyed 3,513 retail investors and crypto-curious Singaporeans, also found that 58% self-identify as long-term holders, while 42% have held investments for over two years.
In addition, the data showed that respondents have kept their crypto under 10% of their overall portfolios, with an average of three tokens per holder, suggesting that investors balance discipline with diversification.
Retail investors plan long-term investments
The survey’s results show a sign of deeper adoption in the region. A 61% ownership rate among finance-savvy Singaporeans indicates that cryptocurrency is no longer a niche market.
According to the survey, 27% of non-holders expressed interest in investing in the next 12 months. This shows that there’s also room for growth in the region.
In terms of how investors view crypto, the survey results showed a split. Forty-four % of the respondents said they perceive cryptocurrency as an asset, while 29% said they view it as a tool for speculation.
When it comes to education, social media was touted as one of the major sources of information for the respondents.
The results showed that 62% of the respondents cited social media as their primary source for crypto education. The researchers noted that this raises both opportunities and risks of misinformation.
After social media, 55% mentioned friends and family, while 43% mentioned news and media. Exchange blogs were followed by 27% of respondents, who mentioned them as their primary educational sources.
In terms of confidence in their understanding of cryptocurrency, the results were split, with 48% saying they are confident in their crypto knowledge, while 52% said they were not confident.
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A progressive but strict regulatory approach
Singapore has long stood out as a finance hub, with low corporate taxes, pro-business regulations and an AAA rating from the international credit rating agency Fitch.
The island city-state was also among the first movers in crypto regulation. In 2020, it enacted its Payment Services Act (PSA) of 2019, one of the first comprehensive legal frameworks covering crypto in Asia. The law defined digital payment tokens (DPTs) as digital representations of value, stored or traded electronically.
While Singapore is regarded as a progressive crypto hub, it is also a highly regulated jurisdiction.
In June, the country ordered local crypto firms to cease their overseas activities targeting foreign markets, halting their operations or facing steep penalties, including a $200,000 fine or up to three years of imprisonment.
Singapore’s financial regulator, the Monetary Authority of Singapore, stated that there will be no grace period, no transitional arrangements and no extensions.
More recently, Singapore signaled an upcoming shakeout of unregulated stablecoins. On Nov. 13, MAS Managing Director Chia Der Jiun said stability needs to be reinforced and that unregulated tokens have a patchy record of keeping their peg.
He added that over time, regulations need to be strengthened as stablecoins become more systemic.
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