Use of crypto stays low in Singapore, but is rising in some emerging Asian markets

trading, blockchain, cryptocurrency-6531134.jpg

SINGAPORE – The use of cryptocurrency by the average person in Singapore remained low in the past year, and did not grow as fast as in some other emerging Asian markets such as Vietnam and the Philippines.

Singapore was ranked 76th in blockchain analytics firm Chainalysis’ 2023 Global Crypto Adoption Index, down from the 63rd spot in 2022. The latest index was published on Tuesday.

Hong Kong, which is trying to be a crypto hub, took the 47th spot this year, one level down from last year’s ranking (46th).

The index, which factors in purchasing power parity per capita, aims to show the countries where the most people are putting the greatest share of their wealth into cryptocurrency. It measures what Chainalysis terms “grassroots crypto adoption”, or the use of cryptocurrency by ordinary people, rather than institutions.

The firm found that the central and southern Asia and Oceania region dominates the index, with six of the top 10 countries located in this region.

India took the pole position, followed by Nigeria, Vietnam, the United States, and Ukraine. The Philippines, Indonesia, Pakistan, Brazil, and Thailand round up the top 10.

Chainalysis said that while there has been a marked recovery worldwide since the doldrums of late 2022 – around the time American crypto exchange FTX imploded – “grassroots adoption is still well off its all-time highs”.

FTX was one of the most prominent exchanges in the world and became insolvent in November 2022. It was controlled by disgraced former chief executive Sam Bankman-Fried, who is set to stand trial for fraud and other charges in October. He has pleaded not guilty to all charges.

The collapse of FTX and sister firm Alameda Research exacerbated a global crypto meltdown that wiped out billions in customer assets.

Although global grassroots crypto adoption remains lower than the highs of 2021, the index indicates that lower-middle-income countries like India, Nigeria, and Ukraine have seen a stronger recovery.

Chainalysis said that about 40 percent of the world’s population lives in lower-middle-income countries, more so than any other income category.

“If lower-middle income countries are the future, then the data indicates that crypto is going to be a big part of that future. That, combined with the fact that institutional adoption – primarily driven by organizations in high-income countries – continues to gain steam even during the ongoing crypto winter, paints a promising picture of the future,” the firm said, in its report on the index.

It also noted that the wide-ranging and unique economic needs of countries can spur crypto adoption, because to cater to these needs, different crypto platforms and assets have emerged.

For instance, in the Philippines, where many want to speculate on new assets, make extra cash, and connect digitally with others, play-to-earn games were able to gain an enormous foothold.

The games act as an entry point into the wider digital asset economy, and now thousands of Filipinos have crypto wallets they can use for other purposes, said the firm.

Image by: Pixabay

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, The Digital Banker will share the Data with our associate companies (including event and content sponsors) to promote their products and services. You will also be automatically subscribed as a user on www.thedigitalbanker.com. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.