Beingness a crypto-friendly country has paid off in terms of adoption, equally a new study about Singapore revealed.

"The State of Crypto in Singapore Report 2022," conducted by crypto commutation Gemini in partnership with CoinMarketCap and Seedly, found that more 2-thirds of Singaporeans who take financial investments currently agree crypto.

The report, which sampled 4,348 Singapore-based adults who self-identify as having or being interested in personal finance and investment products, shows that 67% of the respondents currently own crypto assets.

While ane in five crypto holders are women, the report profiles the boilerplate Singaporean crypto holder every bit a "29-twelvemonth-onetime male with an average annual household income of well-nigh 51,968 Singapore dollars ($38,456) a twelvemonth."

Regarding the distribution of crypto assets held by Singaporean investors, Ether (ETH), the native cryptocurrency of the Ethereum blockchain, takes a clear lead with 78% as the most popular cryptocurrency, while 69% of crypto holders ain Bitcoin (BTC). Cardano (ADA) and Binance Coin (BNB) follow the pinnacle two at 40% and 31%, respectively. One in 4 investors hold XRP and Tether (USDT), co-ordinate to the survey.

The report reveals that people'south interest in crypto increased partly due to the COVID-nineteen pandemic, as 67% of crypto holders invested more during the pandemic to hedge confronting inflation or invest their increased disposable incomes due to lockdowns.

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On the other hand, a lack of knowledge and understanding is the leading factor deterring non-crypto owners from investing in the assets grade. The volatility of crypto markets, the risky nature of crypto investments and the lack of regulatory oversight were as well noted as barriers to investing.

Another report with a smaller sampling grouping recently revealed that 46% of Singaporeans plan to buy digital assets in the next 12 months. With a zero capital gains taxation on cryptocurrency income, Singapore established itself as a hub for crypto and blockchain in the Asia Pacific region.