Indeed, the majority of family offices (FOs) and high-net-worth individuals (HNWIs) from Hong Kong and Singapore are investing in crypto assets, a study titled ‘Investing in Digital Assets – Family office and high-net-worth investor perspectives on digital asset allocation’ and published on October 24, by KPMG China and Aspen Digital has revealed.

Majority of super-rich invests in crypto

As per the report, 92% of the respondents in these territories said they were interested in crypto investing, with 58% of FOs and HNWIs already investing in digital assets and 34% planning to do so in the future. As Yang He, the CEO of the crypto asset management platform Aspen Digital, explained these results:

Furthermore, the most popular digital assets were found to be Bitcoin (BTC), with 100% of crypto investors buying it, and Ethereum (ETH), with 87%, whereas 60% of the interviewed respondents were currently investing in non-fungible tokens (NFTs). That said, Paul McSheaffrey, financial services partner at the auditing and advisory firm KPMG China stressed that:

Hong Kong and Singapore as crypto hubs

Meanwhile, both Hong Kong and Singapore are vying for the enviable status of the main crypto industry hub, with both doing their part to outdo the other in various areas of interest, including regulation and banking. Specifically, Hong Kong is mulling allowing retail investors to directly invest in digital assets, while working on legislation that would clear up its policies on cryptocurrencies and contribute to the growth of the crypto market in the city, as Finbold reported. At the same time, Singapore’s largest bank DBS Group Holdings has expanded access to crypto trading services for its 100,000 wealthy investors, while two crypto exchanges – Blockchain.com and Coinbase – received operational approval from the government in one week. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.