Singapore bolsters its position as a leading crypto hub by issuing 13 new licenses. Meanwhile, Hong Kong faces challenges due to stringent regulations.
Singapore's Strive for Leadership
Singapore has issued 13 new crypto licenses, nearly doubling from the previous year. Major global firms such as OKX, Upbit, Anchorage, BitGo, and GSR are among the licensees. These developments reflect Singapore's push to attract digital asset companies through regulatory frameworks and tokenization projects.
Hong Kong's Crypto Regulation
By contrast, Hong Kong's progress in crypto regulation has been slow. Stricter rules have led some exchanges to withdraw license applications. Notably, exchanges like OKX and Bybit have retracted their applications.
Key Initiatives and Future Outlook
Singapore's initiatives, such as Project Guardian, are boosting its market position. These steps are aimed at developing the crypto market and attracting more digital asset and blockchain companies.
Singapore is successfully advancing in the development of the digital asset market, overtaking Hong Kong thanks to a clearer regulatory approach and proactive initiatives, which may significantly impact the global crypto scene.
