Crypto ownership in Singapore grows rapidly
Crypto ownership in Singapore rises to 26% as Gen Z leads the charge.
Cryptocurrency ownership and usage in Singapore is on the rise, with younger generations spearheading its adoption for everyday financial transactions.
According to a new study by Singapore-based crypto payments firm Triple-A, 26% of residents held crypto assets in 2024, up from 24.4% in 2023, reports The Straits Times.
Of those users, more than half have already used crypto to pay for goods and services, and two-thirds plan to increase their crypto payment usage in the future.
Gen Z and millennials—those aged 16 to 44—are at the forefront of this trend. Roughly 40% in this demographic own digital assets, with a significant portion using crypto for online shopping (41.1%), bill payments (35.9%), and retail purchases (27%). In contrast, older users aged 45 and above tend to use crypto primarily for peer-to-peer transfers, with 42.9% citing it as their main use case.
Crypto Payments Gain Ground Despite Hurdles
The findings come as Singapore sees a dramatic increase in crypto payments. Merchant services received nearly $1 billion in crypto in Q2 2024 alone, the highest quarterly figure in two years, according to blockchain analytics firm Chainalysis. Popular retail partners, including Charles & Keith and Apple reseller iStudio, have integrated crypto payment options via Triple-A, enabling purchases using Bitcoin, Ethereum, USDC, and Tether.
Despite this growth, challenges remain. Sixty-three percent of respondents cited technical complexity—such as managing private keys—as a barrier to adoption. Security concerns and limited merchant acceptance also ranked high. Still, the appeal of crypto’s global usability, fast transaction speeds, and low fees continues to attract new users.
On the regulatory front, Singapore is expanding its digital asset framework. The Monetary Authority of Singapore (MAS) issued a record 13 new digital payment token licenses in 2024, bringing the total to 29. This regulatory clarity, coupled with rising institutional interest, is also fueling job growth. Over 75% of local Web3 firms plan to expand hiring in 2025, according to a report by the Singapore FinTech Association and other industry groups.
As Singapore positions itself as a regional crypto hub, Web3 companies are calling for better access to essential services like banking and more direct engagement with regulators. The city-state’s approach could shape the broader future of digital finance across Asia and beyond.
Recently we wrote, that Asian markets plummeted on Monday, deepening a global stock market rout triggered by the escalating trade war between the United States and China.
