After a recent KPMG survey suggested that over 90% of family offices and high-net-worth individuals (HNWI) are either interested in investing in the digital assets field or have already done so, Hong Kong and Singapore’s wealthy elite appear to be looking at digital assets with zeal, as reported by Cointelegraph.
According to Cointelegraph, up to 58% of family offices and HNWI respondents to a recent poll are already investing in digital assets, and 34% “intend to do so,” according to research published on October 24 by KPMG China and Aspen Digital titled “Investing in Digital Assets.”
30 family offices and HNWIs in Hong Kong and Singapore participated in the poll, with the majority of respondents managing assets between $10 million and $500 million.
According to KPMG, the significant adoption of cryptocurrencies by the ultra-wealthy has boosted industry confidence due to a rise in “mainstream institutional attention.”
Additionally, it was mentioned that institutions now have easier access to financial instruments involving digital assets, including regulated ones, Cointelegraph further informed.
Assuring adherence to the financial authorities’ view that crypto assets are not suitable for retail investors, Singapore’s largest bank, DBS, announced in September that it was expanding crypto services on its digital exchange (DDEx) to approximately 100,000 wealth clients who meet the criteria around their income to be classified as accredited investors.
The Monetary Authority of Singapore (MAS) has increased access to cryptocurrency trading for authorised investors, and numerous exchanges have received preliminary clearance to offer services related to digital payment tokens in the city-state.
Diogo Mónica, co-founder and president of Anchorage Digital, stated earlier this month that Singapore was chosen as a “jump point” into the larger Asian market because of its robust regulatory framework.
(With insights from Cointelegraph)
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