As Singapore continues to play an active role in promoting cipher adoption in the Asia-Pacific region, it will better understand the potential of the regulated market by conducting a nationwide first licensed secret encryption independent retail resale.

The Independent Reserve Survey – conducted in all age groups and sexes of the Singaporean population – revealed a strong affinity for various financial opportunities brought about by diversified finance (DeFi) and other investment opportunities.

According to Raks Sondhi, the managing director of Independent Reserve Singapore, the country’s rapid adoption of ciphers is driven by high levels of trust and confidence:

“58% of Singaporeans surveyed consider bitcoin to be an investment property or value store.”
Supporting the above trend, more than half of those surveyed indicated that it is possible to recommend encryption to their friends and family. By 2021, nearly 60% of Singaporean investors believe in the ability to encrypt on a large scale. However, this year, 15% of respondents have begun to view Bitcoin (BTC) as a real currency.

Factors of building trust among Singaporean investors. Source: Independent Reserve
According to the Reserve Bank of India, increasing investor confidence in the Singapore market will lead to clarity around government regulations, education on how it works, enterprise use, price stability, cipher security, ease of access, and addressing seven key factors. Usage and non-monitoring.

According to the survey, the clarity around government regulations will lead to the highest turnout of Singaporean investors. Investors from high-income households have also been found to be more likely to invest in cryptocurrencies.

It has also been revealed that the price stability of cryptocurrency and education is also the most important factor influencing the participation of cryptocurrency investors. Despite worries, interest in ciphers continues to rise in Singapore, with continued interest in purchases:

“47% plan to increase their investment in current cryptocurrencies over the next 12 months.”
The Independent Reserve concludes the survey, emphasizing that young people between the ages of 18 and 25 want to diversify into the DeFi or Unlockable (NFT) category.

Related: Singapore Financial Supervision aims to simplify the rights of cryptocurrencies

The Singapore government has approved legislation to give the Singapore Monetary Authority (MAS) additional authority to respond to cryptocurrency companies trading abroad.

According to Cointelegraph, MAS has revealed in its latest legislation that coastal crypto companies will comply with the requirements for licensing and anti-money laundering and counter-terrorism (CFT) requirements. MAS board member Alvin Tan, speaking on behalf of the new decision, said:

“Digital signage service providers can easily set up their own businesses and avoid tuning in any jurisdiction because they operate online.”

Source: CoinTelegraph

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