According to a recent crypto payment firm Triple-A survey, more people in Singapore are adopting cryptocurrency, particularly for payments.
The data reveals that crypto ownership in the country increased to 26% in 2024, compared to 24.4% in 2023, as reported by The Straits Times.
Of the crypto holders, approximately 52% reported using cryptocurrency to pay for goods and services, while 67% expressed intentions to increase their usage in the future.
Younger crypto owners, mainly Gen Z and millennials aged 16 to 44, are at the forefront of adoption, with around 40% holding cryptocurrency. Among this group, more than 41% use it for online shopping, nearly 36% for bill payments, and 27% for in-store purchases, according to the data.
In contrast, older users aged 45 and above use cryptocurrency primarily for peer-to-peer transfers. Nearly 43% use it to send funds to friends and family, while 35.7% use it for online shopping and over 17.2% for bill payments.
Despite the growing use of cryptocurrency for payments, several challenges persist. The report highlights that 63% of respondents identified the complexity of using crypto as the top challenge, followed by security concerns at 60% and lack of merchant acceptance at 54%.
In response to the growing demand, Singaporean department store chain Metro has announced plans to accept in-store and online stablecoin payments through Metro Mall. The retailer has partnered with local crypto payments firm DTCPAY to enable transactions using stablecoins like Tether’s USDT and Circle’s USDC.
Meanwhile, the Singapore Exchange (SGX) plans to launch Bitcoin perpetual futures contracts in late 2025, expanding into the crypto derivatives market. The offering will be available exclusively to institutional clients and professional investors, excluding retail traders. While no exact launch date has been set, SGX aims to enhance institutional access to Bitcoin, as confirmed by a spokesperson in a March 10 statement to Bloomberg.
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