Singapore is one of the most crypto-friendly destinations in Asia with an astounding number of investors owning cryptocurrencies. A recent report finds Ether is the most popular cryptocurrency in the country ahead of Bitcoin, Cardano and Binance Coin.
Research (“The State of Crypto in Singapore Report 2021”) commissioned by cryptocurrency exchange Gemini, in partnership with CoinMarketCap and Seedly estimates that over 65% of Singaporeans hold crypto assets.
The report bases its findings on a sample that included 4,348 Singapore-based adults. About 78% of Singapore crypto owners sampled said that they own Ethereum’s Ether tokens while only 69% said that they had invested in Bitcoins. 40% and 31% of people said they had invested in Cardano (ADA) and Binance Coin (BNB) respectively.
An interesting fact revealed by the finding is that Singaporeans invested more in crypto during the pandemic. Almost 67% said they invested in crypto during the pandemic.
Singapore has very favourable laws for crypto. Many new blockchain startups register their businesses in Singapore. Moreover, Singapore has no capital gains tax on crypto investments which makes it great for crypto investors.