Crypto ownership climbs in Singapore, Gen Z and millennials lead shift: survey

By Phong Ngo April 8, 2025 | 01:01 am PT

Cryptocurrency ownership and usage are rising in Singapore, with younger users increasingly turning to digital assets for everyday payments, according to a new study by payment firm Triple-A.

Based on a survey of 1,006 local residents, the study found that 26% owned cryptocurrencies in 2024, up from 24.4% in 2023, The Straits Times reported.

Among crypto holders, 52% have used digital currencies to pay for goods and services, and 67% said they plan to increase such payments in the future.

Gen Z and millennials, those aged 16 to 44, are driving the trend, with about 40% reporting crypto ownership.

Within this group, 41.1% use crypto for online shopping, 35.9% for bill payments, and 27% for in-store purchases.

Among users aged 45 and above, peer-to-peer transfers were the most common use, with 42.9% using crypto to send money to friends or family. Online shopping followed at 35.7%, and bill payments at 17.2%.

The survey also highlighted perceived advantages of crypto payments: 37% cited global acceptance, 29% mentioned faster transactions, and 20% pointed to lower fees, especially for cross-border or time-sensitive transfers.

Singapore's Marina Bay Sands and cryptocurrency icons including Bitcon, Ethereum. Photo from X

However, adoption challenges remain.

Some 63% of respondents cited the complexity of using crypto as a barrier, while 60% expressed security concerns and 54% noted limited merchant acceptance.

Despite these concerns, crypto payments in Singapore surged in the second quarter of 2024, with merchants receiving nearly US$1 billion in digital assets, the highest level in two years, according to blockchain analytics firm Chainalysis.

A separate Chainalysis report in September 2024 also noted growing adoption of crypto payments in the country.

Local payment provider AXS has partnered with Triple-A to enable users to top up accounts and pay bills in cryptocurrencies such as Bitcoin, Ethereum, USD Coin, and Tether.

Other merchants offering crypto payments through Triple-A include fashion brand Charles & Keith on its e-commerce site and Apple reseller iStudio at retail outlets.

"The combination of regulatory clarity and merchant adoption suggests that Singapore is positioning itself as a major hub for digital assets, which could eventually attract more global businesses and investors," Chainalysis said.