The percentage of Singaporeans holding cryptocurrency is on the rise, with over 26% of the population now owning digital assets as of 2024.
According to a recent report from Singapore-based crypto payment firm Triple-A, this marks an increase from 24.4% in 2023. A survey of 1,006 Singapore residents reveals that younger generations are at the forefront of this trend.
Generational Divide in Crypto Adoption
The study highlights a strong generational trend in cryptocurrency adoption across Singapore. Younger residents are more likely to incorporate digital assets into their daily financial activities.
Gen Z Leads the Way
Among those born between 1997 and 2009, approximately 40% hold cryptocurrency. Millennials (born 1981–1996) are not far behind, with 39% participating in crypto ownership.
Older Generations Show Moderate Engagement
Gen X (born 1965–1980) and Baby Boomers (born 1946–1964) show significantly lower adoption rates, at 19% and 9% respectively.
How Different Generations Use Crypto
Usage patterns vary considerably across age groups, reflecting different priorities and levels of comfort with digital assets.
Younger Users: Daily Transactions and Retail
Younger crypto holders (aged 16–44 in 2025) predominantly use digital currencies for:
- E-commerce retail purchases (41.1%)
- Bill payments (35.9%)
- In-store shopping (27%)
This indicates strong adoption of cryptocurrency for everyday spending among younger cohorts.
Older Users: Transfers and Selective Spending
Older users (born 1918–1980) demonstrate different preferences:
- Peer-to-peer transfers (42.9%)
- Online shopping (35.7%)
- Bill payments and in-store purchases (both around 17%)
This generation shows stronger preference for using crypto as a transfer mechanism rather than for daily spending.
Cross-Border Payments Show Notable Gap
A significant difference appears in remittance payments:
- 33.6% of younger users utilize crypto for cross-border transactions
- Only 25.1% of older users do the same
This suggests younger Singaporeans are more likely to explore crypto alternatives to traditional banking infrastructure for international transfers.
Singapore's Crypto Payment Ecosystem Expands
Singapore's cryptocurrency payment network has seen substantial growth. According to blockchain analytics firm Chainalysis, nearly $1 billion (S$1.3 billion) in cryptocurrency was processed through merchant services in Q2 2024 alone.
Growing Merchant Acceptance
This payment volume increase coincides with more companies accepting cryptocurrency:
- AXS partnered with Triple-A to enable bill payments and top-ups using Bitcoin, Ethereum, USDC, and Tether
- Charles & Keith now offers crypto payment options in their online store
- Apple product distributor iStudio accepts cryptocurrency in physical locations
Why Users Choose Crypto Payments
The Triple-A survey identified key advantages driving adoption:
- International acceptance (37%)
- Transaction speed (29%)
- Lower fees, particularly for cross-border transfers
Challenges Remain
Despite growing adoption, users still face significant hurdles:
- 63% find managing private keys and technical aspects difficult
- 60% express security concerns
- 54% cite limited merchant acceptance as a barrier
Regulatory Framework and Industry Growth
Singapore's expanding cryptocurrency usage operates within a progressively structured regulatory framework.
Licensing Acceleration
The Monetary Authority of Singapore (MAS) has accelerated licensing for Digital Payment Token (DPT) companies, granting a record 13 new licenses in 2024 alone.
Positive Employment Outlook
Despite global tech sector layoffs in 2024, Singapore's blockchain job market shows strong prospects:
- Over 75% of local Web3 companies plan to hire more staff in 2025
- 60% of surveyed companies intend to increase headcount by half or more
- The local Web3 sector currently employs 2,433 people directly
Expanding Career Opportunities
The industry growth creates demand across various specialties:
- Partnership roles
- Marketing strategy
- Sales and product management
- Software engineering
- Adjacent professional services (legal, consulting, advisory roles)
According to the Singapore FinTech Association, this hiring surge is attributed to growing institutional adoption, continuous technological improvements, and expanding blockchain applications.
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Frequently Asked Questions
What percentage of Singaporeans own cryptocurrency?
As of 2024, over 26% of Singaporeans hold cryptocurrency, up from 24.4% in 2023 according to Triple-A's research.
Which age group has the highest crypto adoption in Singapore?
Gen Z (born 1997–2009) leads with 40% ownership, followed closely by Millennials (1981–1996) at 39%. Older generations show significantly lower adoption rates.
How do younger Singaporeans typically use cryptocurrency?
Younger users predominantly use crypto for e-commerce (41.1%), bill payments (35.9%), and in-store purchases (27%), indicating strong retail adoption.
What are the main advantages of using cryptocurrency for payments?
Users cite international acceptance (37%), transaction speed (29%), and lower fees—particularly for cross-border transfers—as key benefits.
What challenges do crypto users face in Singapore?
Major challenges include technical complexity (63% find key management difficult), security concerns (60%), and limited merchant acceptance (54%).
Is Singapore's regulatory environment supportive of cryptocurrency?
Yes, Singapore has established a structured regulatory framework, with MAS accelerating licensing for crypto companies and granting a record number of licenses in 2024.
Note: This content represents general information only. Readers should not consider this article as investment advice. Always consult independent financial advisors to understand risks before making investment decisions. CFD products are leveraged and may result in loss of all capital; these products may not be suitable for all investors.