Singapore is taking the lead in becoming a prominent crypto hub in Southeast Asia. In 2024, the country granted 13 different crypto licenses, more than double the previous year. Surpassing Hong Kong, Singapore's regulatory-friendly environment has attracted various crypto operators and major exchanges. This year, Singapore licensed well-known exchanges like OKX and Upbit, along with firms such as BitGo, GSR, and Anchorage. The city-state's flexible token listing and asset custody policies aim to draw in digital asset firms. Independent Reserve recently became the first crypto exchange in Singapore to list RLUSD, Ripple's USD-backed stablecoin. This move enhances cross-border liquidity solutions for clients, making global transactions faster and more cost-effective. Singapore's progressive regulatory framework contrasts with Hong Kong's slower licensing regime, which has hindered its appeal to crypto firms. China's strict crypto regulations also impact Hong Kong's aspirations to become a top crypto hub, while Singapore's supportive environment solidifies its position as an attractive long-term base for crypto businesses in the region. Read more AI-generated news on: https://app.chaingpt.org/news