Why is Crypto Ownership Plummeting in Singapore?

Crypto ownership among Singaporeans dropped from 40% in 2023 to just 29% in 2024. Despite public awareness reaching an all-time high of 94%, a 11% dip in Singapore residents’ crypto ownership was seen last year.

According to a 2025 Independent Reserve Cryptocurrency Index (IRCI) survey, where 1500 residents were surveyed, it was found that nearly half or 49% of crypto investors sold part or all of their crypto holdings in 2024. Notably, 67% of the people who sold their crypto made a 67% profit. It is evident that many Singaporeans are capitalizing on recent market rallies to secure gains. Is this a sign of a mature market, where investors are prioritizing quality and locking in profits?

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

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

Netizens weighed in. X user choubix said, “Government in Singapore is very vocal and discourages people to buy crypto citing volatility etc (they are doing their job). Personally I bought some XRP and a few others so I may have contributed modestly to increasing that %”

“Singaporeans now have a more thoughtful, disciplined approach to investing in crypto,” said Lasanka Perera, CEO of Independent Reserve Singapore. Bitcoin remains the cornerstone of the ecosystem. Its decentralised design, scarcity, and transparency are reasons why many Singaporean investors continue to trust it.

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Bitcoin Remains Dominant Crypto Asset in Singapore

However, the survey suggests that Bitcoin remains the dominant asset as over 68% crypto investors held BTC. Meanwhile, 48% held Ethereum. Furthermore, over 53% of current investors plan to increase their holdings and 17% of non-investors are considering entering the market. Bitcoin is viewed by 86% Singaporean residents as a currency, store of value, or investment asset.

Despite the drop in ownership, sentiment remains bullish.

Investor opinions are split on trust in stablecoins versus Bitcoin, according to the survey. 44% of respondents say they trust stablecoins more, largely because of their price stability and connection to fiat currency.

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Stablecoins Gain Momentum with Regulatory Clarity

According to the survey, 21% of Singaporean crypto investors currently own stablecoins and a further 25% held them in the past. USD-pegged tokens are most preferred, held by 83% of stablecoin investors.

Importantly, the Monetary Authority of Singapore (MAS) views stablecoins as a promising form of digital payment token with the
potential to serve as a credible digital medium of exchange and a bridge between fiat and digital asset ecosystems. On that note, MAS finalised a regulatory framework specifically for single-currency stablecoins (SCS) pegged to the Singapore dollar or G10 currencies and issued in Singapore, to ensure a high degree of value stability and financial soundness.

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Key Takeaways

The survey suggests that Bitcoin remains the dominant asset as over 68% crypto investors held BTC.

Stablecoins are emerging as a crucial bridge between traditional finance and the decentralized world. The IRCI data shows that 46% of crypto investors in Singapore own or have owned stablecoins, primarily for trading and DeFi activities.

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