FTX bankruptcy affects the crypto acceptance of Singaporeans

According to a chart from Independent Reserve, 45% of Singaporeans do not want to invest in crypto due to its volatility. Events like the bankruptcy of FTX also played a factor in their refusal.

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Another reason cited by Singaporeans is not enough regulation or consumer protection at 30%. Meanwhile, 27% said they lack interest. Around 24% of consumers also think that it’s too confusing and 19% think it’s a scam. More from OMY: MAS addresses misconceptions that arose due to FTX collapse

Source: Independent Reserve Cryptocurrency Index Singapore 2023

Another reason cited by Singaporeans is not enough regulation or consumer protection at 30%. Meanwhile, 27% said they lack interest. Around 24% of consumers also think that it’s too confusing and 19% think it’s a scam.

More from OMY: MAS addresses misconceptions that arose due to FTX collapse

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