Singapore Approves 13 Crypto Licenses in 2024, Surpassing Hong Kong’s Progress
In 2024, Singapore made significant strides in becoming a global crypto hub, approving 13 crypto licenses, more than double the previous year’s total.
Major crypto firms like OKX, Upbit, and Anchorage are now licensed in Singapore, boosting the city’s reputation as a crypto-friendly jurisdiction.
Hong Kong Struggles to Keep Up
Meanwhile, Hong Kong has faced challenges in attracting crypto firms, with only seven fully licensed platforms. Despite its efforts, including a slower-than-expected pace in issuing licenses, Hong Kong has failed to match Singapore’s progress in the crypto space.
The Impact of Regulatory Approaches
Singapore’s more mature regulatory framework has attracted global crypto firms, while Hong Kong’s stricter regulations, including limitations on custody of customer assets and token listings, have made it less appealing. As global demand for crypto assets rises, Singapore’s approach positions it as the leader in the race for crypto dominance.
Key Insights:
- Singapore approved 13 crypto licenses in 2024, surpassing Hong Kong’s 7.
- Hong Kong’s cautious regulatory stance restricts growth.
- Singapore’s mature regulation attracts global crypto firms.
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