Singapore Leads Global Crypto Awareness Despite Declining Ownership
Singapore continues to maintain its position as one of the most crypto-aware countries, with 94% of the population aware of crypto in 2025 – a record high since the survey began. However, according to the fifth Singapore Crypto Market Survey conducted by Independent Reserve, crypto asset holdings have dropped from 40% to 29%, reflecting a shift in investor strategy amid global economic uncertainty.
Awareness-Action Gap
The survey, conducted in February 2025 with 1,500 respondents, found that men remain the dominant investor group with 35% owning crypto, while women account for 24%. Millennials and Gen X (25-54 years old) make up 71% of all investors, demonstrating that middle-aged people continue to be the main drivers of digital asset participation.
Bitcoin leads in awareness with 91% of respondents aware, followed by Ethereum (54%) and Dogecoin (41%). In terms of asset allocation, 68% of investors hold Bitcoin, and 23% believe BTC will surpass $250,000 by 2030. Stablecoins have also seen strong growth, with 46% of investors using them for trading and DeFi activities.
Clear regulations strengthen digital financial hub status
Singapore continues to demonstrate its centrality through transparent and innovative regulatory policies. According to Sumsub, the Monetary Authority of Singapore (MAS) has licensed 19 digital asset service providers as of January 2025. In 2024, 13 major payment institution licenses were granted, more than double the previous year.
A report from ApeX Protocol shows that Singapore leads the world with 1,600 blockchain patents, 2,433 related jobs, and 81 active crypto exchanges. Hong Kong follows closely with 890 patents and 52 exchanges. The Payment Services Act has created a flexible regulatory foundation that balances innovation and consumer protection.
Notably, MAS has announced a new stablecoin framework in 2023, which specifies the requirements for stablecoins pegged to SGD or G10 currencies. Only issuers that fully meet the requirements will be allowed to label themselves as “MAS-regulated stablecoins,” providing confidence to users.
Investors are taking a longer-term, more cautious approach
Despite the decline in holdings, sentiment remains positive among current investors. 53% of holders plan to increase their investments in the coming year, while 17% of those who have not invested are considering getting involved.
According to CryptoNews, more Singaporeans have shifted some of their portfolios to traditional assets, with cash holdings rising from 42% to 49% over the past year. The BTC/SGD pair has fallen 19.3% from its January peak of SGD143,000 to its mid-April low, leading to heightened defensive sentiment among the investment community.
Notably, women have outperformed men in investment performance for the first time since 2021. 76% of female investors reported profits or break-even, compared to 72% of men. Additionally, 24% of women allocate more than 20% of their portfolios to crypto, indicating growing confidence among the female community.
Singapore in the global crypto landscape
Singapore’s situation reflects a global trend of maturing crypto investments. According to CoinDesk, the stablecoin market capitalization surpassed $200 billion in March 2025, led by USDC reaching $60 billion, which surged due to geopolitical factors and the US election.
New financial products such as Bitcoin ETFs are reshaping the approach to the market. A report from ETF Trends shows that there will be 43 new crypto ETFs launched in 2024, accounting for more than half of the total 75 crypto ETFs in the US. Of these, BlackRock’s IBIT has recorded a return of 145% year-to-date, becoming the best non-leveraged ETF.
According to a global survey from Consensys, awareness of cryptocurrencies has increased to 93% by 2025 (up from 92% last year). Nigeria leads the world with 84% of its population owning a digital wallet, while Singapore’s 29% reflects caution and a preference for institutional investment over mass speculation.
Conclusion: Balancing innovation and stability
Singapore’s approach to cryptocurrencies remains focused on responsible innovation. According to experts from Chambers, Singapore maintains a technology-neutral stance, evaluating assets based on their economic nature rather than the underlying technology. This is an ideal model for other developed economies looking to build effective digital asset policies.
With a clear legal environment, strong technology foundations, and high awareness, Singapore continues to be a role model for other countries in developing a sustainable and secure cryptocurrency market.