Odaily Planet Daily reported that Singapore issued 13 cryptocurrency licenses to a range of cryptocurrency operators in 2024, including major exchanges OKX and Upbit, as well as cryptocurrency companies Anchorage, BitGo, and GSR. This is more than double the number of licenses issued by the country last year.
However, the progress of similar licensing systems in Hong Kong has been slow. Both cities are competing to attract digital asset companies through specialized systems, tokenization projects, and regulatory sandboxes. Local authorities believe that cryptocurrencies have the potential to enhance the attractiveness of their respective jurisdictions as global business centers, but progress has been uneven.
Angela Ang, Senior Policy Advisor at TRM Labs, a consulting firm, said, "Hong Kong's exchange regulatory system is stricter in many important aspects, such as customer asset custody and token listing and delisting policies. This may shift the balance towards Singapore
