More than 90% of Singapore and Hong Kong’s ultra-rich investing in crypto
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Summary:Southeast Asia’s ultra-rich are starting to embrace the new asset class as part of the portfolio diversification strategies and crypto’s potential high returns.

The current depressed prices of BTC (BTC), ETH and other digital currencies have not reduced the interest of rich investors in crypto assets. In fact, a recent data survey reported that more than 90% of Hong Kong and Singapore big family investment and wealth management company offices and high net worth individuals (HNWI) are interested in investing or have invested in the digital asset industry.

The report of KPMG entitled Investing in Digital Assets published in October 2022 reveals this. Although most investors are cautious because of the weak market, Southeast Asian billionaires are gradually accepting a new asset class as part of the diversified operation of investment and the potential high yield of digital currency.

KPMG wrote in its report: "In recent years, digital assets have evolved into a replacement asset category, with a total market value of more than $100 million.". "The offices of big family investment and wealth management companies in Hong Kong and Singapore and the high net worth have already accepted this new asset category. Our own research objects include more than 90% of the field of investment or scheme investment. The market prospect of high yield and diversified investment composition has promoted the growth of interest, while the deeper participation of popular organization investors is also conducive to stimulating confidence in digital assets."

The results show that 58% of the interviewed large family investment and wealth management company offices and high net worth people have already invested in digital assets. In addition, 34 per cent of survey participants indicated that they were doing so in the programme. This survey interviewed 30 high net worth individuals and large family investment and wealth management companies in Singapore and Hong Kong with assets between 10 million and 500 million dollars.

The increasing participation of billionaires and their choice of organizations have enhanced their confidence in this field.

Yang He, the CEO/founder of Aspen Digital, said: "In the last 18 months, you saw a sharp increase in the interest of organizational investors in digital assets. For private wealth management companies in Asia, digital assets represent a new type of asset class, and their opportunities are unparalleled in other financial products.".

With many traditional financial enterprises gradually providing services related to data encryption, digital currency is increasingly available. For example, according to Cointegral, DBS Malaysia announced in September that it would expand the data encryption products of its digital exchange, and then allow more than 100000 wealth customers of the bank to browse such products. Such users meet the requirements in terms of revenue.

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