More people own crypto in Singapore, with younger users leading the way: Survey

SINGAPORE – More people in Singapore own cryptocurrencies, and younger users are leading the way in using the asset for daily financial needs, such as online shopping and bill payments, a new study shows.

The number of Singapore residents who own cryptocurrencies is on the rise, with 26 per cent owning digital assets in 2024, up from 24.4 per cent in 2023.

A majority of them, or 52 per cent, have paid for goods and services with it, and 67 per cent plan to increase their usage of crypto for payments in future.

Gen Zs and millennials, or those aged between 16 and 44 years old as at 2025, lead in crypto ownership, with about 40 per cent of them holding the asset.

Of this group of people, 41.1 per cent use crypto for online shopping, 35.9 per cent for bill payments and 27 per cent for in-store retail goods.

While younger people use crypto to pay for retail goods and bills, those older – aged 45 and above in 2025 – use crypto more for peer-to-peer (P2P) transactions such as those made between friends and family.

Among the older generation, 42.9 per cent use crypto for P2P transactions, with 35.7 per cent using it for online shopping and 17.2 per cent for bill payments.

These were some of the findings from the study by Singapore-based crypto payment firm Triple-A, based on a survey of 1,006 residents here.

Singapore has seen a notable increase in crypto payments, with merchant services receiving nearly US$1 billion (S$1.3 billion) in crypto in the second quarter of 2024, much higher than any other quarter in the past two years, according to data from blockchain analysis firm Chainalysis.

A separate Chainalysis report in September 2024 noted a growing adoption of crypto as a payment method in Singapore.

“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.

AXS, in partnership with Triple-A, allows its app users to make top-ups or pay bills in digital currencies such as Bitcoin, Ethereum, USD Coin and Tether.

Other merchants which have partnered Triple-A to offer the crypto payment option include fashion brand Charles & Keith on its e-commerce platform and Apple products reseller iStudio at its retail stores.

The findings from Triple-A noted that 37 per cent of respondents cited global acceptance as a key benefit of crypto payments. Higher transaction speed (29 per cent) and lower fees (20 per cent) were also important factors, particularly for cross-border and time-sensitive transactions.

But there were concerns about the crypto ecosystem. The complexity involved in using crypto was the top challenge cited by 63 per cent of respondents.

For instance, users need to figure out the use of private keys or passwords, which enable them to access and manage their crypto funds.

Security concerns (60 per cent) and lack of merchant acceptance (54 per cent) were also factors of concern.

The crypto payment trend comes against a backdrop of a rising number of digital payment token (DPT) firms being licensed by the Monetary Authority of Singapore (MAS), fuelling new roles in the growing Web3 industry.

Web3 companies are those that use blockchain technology to build products and services.

As at end-November, MAS has issued a record 13 new DPT licences in 2024, raising the total number of DPT licensees from 16 to 29, said a report from blockchain intelligence firm TRM Labs released in December 2024.

Despite a global slowdown in hiring, with mass layoffs in 2024, more than 75 per cent of local Web3 companies want to expand their workforce in 2025 as they continue developing products and services for global and regional markets.

This is according to the Singapore: The OnChain State report led by the Singapore FinTech Association (SFA), Web3 business account platform HQ.xyz as well as Web3 builder communities SG Builders and Superteam, which conducted surveys and case studies with 53 Web3 companies.

The report said 60 per cent of these companies are looking to expand their current workforce by half or more.

SFA, which facilitates collaboration between market participants and stakeholders in the fintech ecosystem, told The Straits Times that the hiring plans are driven by growing institutional adoption, ongoing technology improvements in blockchain and the expansion of applications for Web3 technology.

Moves that increased institutional adoption of digital assets include the US Securities and Exchange Commission approving the first US spot Bitcoin exchange-traded funds launched by BlackRock, Fidelity and others in January 2024.

A total of 2,433 people are currently employed in the local Web3 sector, excluding those working in Web3 roles in non-Web3-native companies.

These roles include those in partnerships, marketing strategy and sales to help Web3 companies go to market with their solutions, said SFA.

Product managers as well as developers and software engineers are also key roles being hired.

“We also see jobs being created in the professional services sector that support Web3, which include legal, advisory and consulting roles,” SFA said.

Companies outlined what they hope to see improvements on as the acceptance of Web3 grows in Singapore.

Limited or complete lack of access to services such as banking, with 59 per cent of Web3 companies indicating so, poses significant barriers for these businesses, particularly those in the early stages of development as they rely on these services to ensure operational stability and regulatory compliance.

“The perceived risk associated with crypto and Web3 activities leads many service providers to shy away from engaging with these companies, further exacerbating the problem,” the report said.

As a result, there is a growing demand for more streamlined, Web3-specific regulatory frameworks that would enable easier access to both banking and non-banking services critical to business growth, the report said.

Web3 companies also wished for a forum where they can directly engage policymakers to foster better understanding and ensure that regulatory frameworks can keep pace with rapid advancements, they said.