Why is Cryptocurrency Ownership Declining in Singapore?

Ownership of digital currency among residents of Singapore decreased from 40% in 2023 to merely 29% in 2024. Although overall awareness surged to a ledger high of 94%, there was an 11% reduction in the crypto asset ownership of Singapore’s population observed last year.

A 2025 Independent Reserve Digital currency Index (IRCI) survey, which included responses from 1500 residents, revealed that almost half, or 49%, of digital currency investors liquidated a portion or all of their holdings in 2024. Interestingly, 67% of those who sold their cryptocurrencies achieved a profit of 67%. This indicates that numerous Singaporeans are leveraging recent trading market climbs to realize their profits. Could this signify a more mature trading market where investors are focusing on quality and securing gains?

Crypto awareness in Singapore hits record 94%, but ownership falls https://t.co/z4HMt2bHgK

— Dr Martin Hiesboeck (@MHiesboeck) May 22, 2025

Online users shared their thoughts. An X user, choubix, commented, “The Singapore government is very outspoken against purchasing crypto due to its market fluctuation, which is part of their role. Personally, I have acquired some XRP and a few other assets, so I might have played a small part in raising that percentage.”

“Singaporeans are now adopting a more strategic and disciplined mindset towards investing in cryptocurrency,” remarked Lasanka Perera, CEO of Independent Reserve Singapore. Bitcoin continues to be the foundation of the ecosystem. Its decentralized nature, limited availability, and transparency contribute to the trust many Singaporean investors place in it.

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Bitcoin Still the Leading Cryptocurrency in Singapore

Nonetheless, the survey indicates that Bitcoin remains the leading asset with over 68% of crypto investors holding Bitcoin. On the other hand, 48% possessed ETH. Moreover, more than 53% of existing investors aim to expand their holdings, while 17% of non-investors are contemplating entering the crypto market. BTC is regarded by 86% of Singaporean citizens as a currency, store of value, or investment vehicle. 

Even with the decline in ownership, the sentiment remains optimistic.

Crypto holder perspectives appear divided regarding trust in stablecoins compared to BTC, as per the survey. 44% of participants expressed greater trust in stablecoins, primarily due to their price stability and ties to fiat currency.

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Stablecoins Gain Traction with Regulatory Clarity

The survey shows that 21% of Singaporean crypto asset investors currently possess stablecoins, with an additional 25% having held them previously. USD-pegged tokens are the most favored, owned by 83% of stablecoin holders.

Crucially, the Monetary Authority of Singapore (MAS) perceives stablecoins as a promising category of digital payment tokens with the
potential to act as a reliable digital medium of trading platform and a link between fiat and digital asset systems. In this regard, MAS has finalized a regulatory framework specifically for single-currency stablecoins (SCS) pegged to the Singapore dollar or G10 currencies and issued in Singapore, to guarantee a high degree of value stability and financial robustness.

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