Over 90% of family offices and high-net-worth individuals (HNWIs) in Hong Kong and Singapore are keen to invest in crypto-assets or already have holdings.
According to a study by KPMG, 58% of family offices and millionaires in Hong Kong and Singapore already hold cryptocurrency assets, and another 34% of them plan to invest in digital assets in the near future.
The research from KPMG covered about 30 family offices and high-net-worth individuals in Hong Kong and Singapore whose fortunes range from $10 million to $500 million or more. The analysts noted that the increased demand for digital assets among the financial elite is contributing to the increased “mainstream institutional attention” on cryptocurrencies in the region.
The experts also highlighted two major deterrents to further growth in wealthy investors’ attention to the crypto market:
- the crypto market’s volatility, which makes it difficult to evaluate the profitability of investments;
- the lack of regulatory clarity around digital assets.
It’s worth noting that Hong Kong was named the jurisdiction with the most loyal government attitude to cryptocurrencies, and Singapore was among the top five countries with the lowest taxes on digital assets.
According to a survey by Forbes, about 30% of the world’s wealthiest people invest in cryptocurrency assets.
