High Net Worth Individuals in Singapore & HK Are Interested in Investing in Crypto & Digital Assets KPMG Reports.
According to a recent KPMG report, Hong Kong and Singapore’s wealthy elite are excited about digital assets, with over 90% of family offices and high-net-worth individuals (HNWI) planning on investing or already doing so.
Investing in Crypto & Digital Asset Among The Wealthy In Singapore & HK
According to a KPMG China and Aspen Digital report released on October 24, 58% of family offices and high-net-worth individuals have already begun investing in digital assets, and 34% plan to allocate funds to bitcoin, stablecoins, ether, and DeFi opportunities.
Meanwhile, those 58% already invested in crypto where 100% Bitcoin holders, 87% revealed ether, 60% purchased NFTs and other Metaverse tokens, and 47% had DeFi tokens.
Besides crypto assets, 58% of respondents said they were also investing in crypto service providers, such as exchanges and software developers.
The Target Survey
In the survey, 30 Hong Kong and Singapore-based family offices and high-net-worth individuals responded, with the majority managing assets between $10 million and $500 million.
According to KPMG, the rise of “mainstream institutional attention” in crypto has spurred confidence in the sector among the ultra-wealthy in Singapore and Hong Kong.
Also, the market’s interest in crypto has been driven by high returns, portfolio diversification and an increase in confidence.
In addition, digital asset financial products, including regulated products, are more accessible to institutions.
However, not all respondents were bullish, with some saying the industry needs more mature approaches to valuing cryptocurrencies because there aren’t any yet.
Furthermore, most companies that have already invested in digital assets allocate only 5% of their portfolio to them due to regulatory and accounting uncertainty.
According to KPMG, regulatory uncertainty remains a barrier for major players across Singapore and Hong Kong, with investors thirsting for clear regulatory frameworks that balance investor protections with industry growth.