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Being a crypto-friendly country has paid off in terms of adoption, as a new study about Singapore revealed. 

“The State of Crypto in Singapore Report 2021,” conducted by crypto exchange Gemini in partnership with CoinMarketCap and Seedly, found that more than two-thirds of Singaporeans who have financial investments currently hold crypto.

The report, which sampled 4,348 Singapore-based adults who self-identify as having or being interested in personal finance and investment products, shows that 67% of the respondents currently own crypto assets.

While one in five crypto holders are women, the study profiles the average Singaporean crypto holder as a “29-year-old male with an average annual household income of about 51,968 Singapore dollars ($38,456) a year.”

Regarding the distribution of crypto assets held by Singaporean investors, Ether (ETH), the native cryptocurrency of the Ethereum blockchain, takes a clear lead with 78% as the most popular cryptocurrency, while 69% of crypto holders own Bitcoin (BTC). Cardano (ADA) and Binance Coin (BNB) follow the top two at 40% and 31%, respectively. One in four investors hold XRP and Tether (USDT), according to the survey.

The report reveals that people’s interest in crypto increased partly due to the COVID-19 pandemic, as 67% of crypto holders invested more during the pandemic to hedge against inflation or invest their increased disposable incomes due to lockdowns.

Related: Singapore grants first regulatory in-principle approval to crypto exchange

On the other hand, a lack of knowledge and understanding is the leading factor deterring non-crypto owners from investing in the assets class. The volatility of crypto markets, the risky nature of crypto investments and the lack of regulatory oversight were also noted as barriers to investing.

Another study with a smaller sampling group recently revealed that 46% of Singaporeans plan to buy digital assets in the next 12 months. With a zero capital gains tax on cryptocurrency income, Singapore established itself as a hub for crypto and blockchain in the Asia Pacific region.