Singapore Leads Hong Kong in the Competition for Cryptocurrency Hub
In the race for the status of Asia's cryptocurrency hub, Singapore has attracted more cryptocurrency companies with its regulatory system. Data shows that Singapore has approved over 100 cryptocurrency license applications this year, while only two exchanges in Hong Kong have been licensed.
A mature regulatory environment has made Singapore the main cryptocurrency hub in Asia. Well-known companies like Binance and Coinbase have established operations in Singapore. In contrast, although Hong Kong has introduced new policies to attract cryptocurrency businesses, the market response has been relatively lukewarm.