Singapore’s stance on crypto licensing is stronger than Hong Kong, where regulatory hurdles have slowed the city’s progress.
Singapore is signaling progress toward becoming a global hub for crypto business, Bloomberg has learned, as the city-state issued 13 new crypto licenses in 2024, doubling the number granted last year.
The licenses went mainly to large exchanges like OKX and Upbit, as well as other companies like Anchorage, BitGo and GSR. At the same time, Hong Kong has experienced delays in its catch-up efforts as the licensing process progresses slowly, the report said, adding that both cities aim to attract digital asset companies by offering dedicated regulatory regimes, tokenization projects and innovations – focused sandboxes.
As Angela Ang, senior policy advisor at blockchain forensics firm TRM Labs, noted, Hong Kong’s regulatory regime for exchanges is “more restrictive in many ways – such as custody of customer assets and token listing and delisting policies,” adding this “could be the case.” have tipped the balance in Singapore’s favor.”
Hong Kong has fully licensed seven platforms, including four that were approved with some restrictions in December. However, exchanges such as OKX and Bybit withdrew their applications without giving reasons. Due to its cautious approach, Hong Kong only allows trading in the most liquid cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) and restricts trading in smaller, more volatile tokens.
According to Bloomberg, another factor limiting Hong Kong’s ability to remain competitive in this area is the influence of…
