Singapore’s crypto adoption stalls as legal hurdles and weak consumer interest hold back growth, lags behind Thailand and UAE

SINGAPORE: The city-state has firmly established itself as a leading hub for institutional cryptocurrency adoption, but consumer interest has lagged, placing the Lion City behind regional frontrunners like Thailand and the UAE in terms of wider crypto usage.

A recent report by Linklaters published by the Singapore Business Review revealed that just 23% of Singapore’s internet-connected population owns or uses cryptocurrency, closely matching the regional average of 26%.

This figure falls short compared to emerging markets, where practical needs such as remittances and financial inclusion are driving higher rates of adoption.

The report highlights significant barriers to consumer adoption in Singapore, with 30% of survey respondents citing regulatory concerns—well above the APAC average.

Security issues, including the risks of hacking and fraud, also remain major deterrents for consumers considering cryptocurrency.

Despite these challenges, Linklaters emphasized that Singapore’s regulatory environment is highly supportive of crypto innovation, particularly for institutional players.

The country’s strong financial infrastructure has enabled it to lead in institutional crypto development, though this focus has not yet translated into widespread consumer demand.

In comparison, consumer sentiment in Singapore lags behind that of emerging markets, where cryptocurrency’s practical advantages drive more rapid adoption.

While Singapore remains a key player in institutional crypto adoption, the gap in consumer engagement suggests there’s still much to be done to tap into the broader potential of the crypto market.