Crypto trends in Singapore show that much work is required to make digital currency a more prominent and widely accepted mode of payment and investment. According to Gemini’s 2024 Global State of Crypto Report, cryptocurrency ownership in the city-state dropped from 30% in 2022 to 26% in 2024. Non-ownership decreased from 59% in 2022 to 58% in 2024, whereas past ownership increased from 11% to 16%.

People use crypto in Singapore as a long-term investment option, to make profits by buying and selling the currency, and as a hedge against inflation. The Data Driven Consulting Group created the Gemini report by surveying 6,000 adults across the United States (US), the United Kingdom (UK), France, Singapore, and Turkey to learn more about the sector. They conducted the research between May and June, involving countries where Gemini—a global crypto and Web3 platform—operates.

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Awareness of cryptocurrency in the city-state is higher among the youngest citizens, with 94% of Gen Z (18-25 years) and 91% of young millennials (26-35 years) and older millennials (36-45 years). The study also showed that 88% of Gen X (46-55 years) know about crypto, while the oldest (above 55) are also informed.

All is not lost for crypto in Singapore and across the region

Statista found that 59% wanted clarity on governmental regulations to increase trust in Singapore’s crypto market, 52% wanted price stability, and 46% wanted to know how it works. Some respondents said crypto companies should behave responsibly to protect users’ cryptocurrencies, provide an option to have insurance on digital wallets and ensure ease of access and straightforward use. 

With increasing acceptance and adoption by institutions, people can slowly gain confidence in the ecosystem, and using it is eventually set to become second nature. This is reflected in the VC trends in crypto. Funding for cryptocurrency companies reached USD 627 million in 2023 across 88 deals, and the city-state is set to continue to establish itself as a financial hub through innovation and fintech development. Government support, regulatory improvements, and tax incentives can help attract more investors to invest in crypto. Additionally, Singapore benefits from its tech-savvy population, skilled workforce, and excellent infrastructure. 

The Monetary Authority of Singapore (MAS) has been proactive in managing the crypto industry, authorising 19 service providers like StraitsX to operate. StraitsX offers fast and safe access to digital assets markets and DeFi applications and introduced XSGD stablecoins—cryptocurrencies whose value is pegged to actual currencies.

Enabling the growth of Decentralised finance (DeFi) can also help fuel growth in the crypto sector. DeFi uses blockchain technology to conduct transactions without central oversight. Nearly USD 1 billion was injected into the industry, and blockchain-based games like SkyMavis’ Axie Infinity are using Ethereum-based cryptocurrencies on their platforms. 

What to expect with crypto in Singapore moving forward

With the Gemini report noting that cryptocurrencies are surging towards all-time highs, institutional investors are becoming bullish again on the sector. 

Here are some emerging to look out for in 2025 and beyond:

  • Past owners return: Cryptocurrency ownership has remained relatively steady, and past owners will likely return. The Gemini report notes that only 30% of respondents are unlikely to return. Returners were likely at 23%, and past owners were somewhat likely to return at 47%.
  • Regulatory concerns: The lack of regulatory clarity is affecting entry, with nearly half (49%) of survey respondents identifying regulations as a concern.
  • Gender gap increasing: Gender gap issues remain, with the split between male and female owners becoming more pronounced. Men stand at 69% and women at 31% in 2024, a drop from the 42% of women in 2022.
  • Crypto market fluctuations: Crypto markets are volatile and will continue to operate that way. The current crypto market is estimated to reach USD 238.5 million in 2024, then drop by -3.82% to USD 229.4 by 2025. Price volatility and losses also played a role, as 30% of investors ended up selling their investments. Even so, the blockchain ecosystem is doing well, and the government has a supportive regulatory approach.
  • The rise of digital assets: Most (57%) of current crypto owners are comfortable adding digital assets to their portfolios, allocating at least 5%. Plus, more than one in four (27%) of past owners thought the same thing.

Future of cryptocurrency in Singapore

Crypto trends in Singapore follow the region’s desire to institute blockchain technology in an eco-friendly and sustainable way. For example, people could pay for carbon credits through crypto platforms. Nevertheless, citizens must be made aware of cryptocurrency risks such as extortion, money laundering, fraud schemes, and human trafficking transactions.

Since companies like Crypto.com, Coinhako, and StraitsX are now operational, the government must lift limitations on advertising crypto in Singapore to enable growth. Ultimately, even though the sector is volatile and speculative, and citizens may lose money, more education may serve the public better.