More People in Singapore Own Crypto; Younger Ones Lead the Way: Survey

But there are concerns about security, merchant acceptance, complexity in usage

- Sheila Chiang

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 the 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.