Singapore doled out 13 licences in 2024 to a range of digital asset operators including top crypto exchanges OKX and Upbit, as well as global heavyweights Anchorage, BitGo and GSR.
That is more than double the licences awarded the previous year. A similar licensing regime in Hong Kong has been slow to progress.
Both cities are bidding to entice digital asset firms to their shores with dedicated regimes, tokenisation projects and regulatory sandboxes. The local authorities see in digital assets the potential to boost the allure of their respective jurisdictions as global business hubs, but progress has been uneven.
"Hong Kong's regulatory regime for exchanges is more restrictive in a number of ways that matter, such as custody of customer assets and token listing and delisting policies," said Ms Angela Ang, senior policy adviser at consultancy TRM Labs. "This may have tipped the balance in Singapore's favour."
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