CoinVoice has learned that, according to Bloomberg, in 2024, Singapore issued 13 cryptocurrency licenses to several cryptocurrency operators, including exchanges OKX and Upbit, as well as Anchorage, BitGo, and GSR, more than double the number from the previous year. In contrast, the issuance of similar licenses in Hong Kong has been slow. Both cities are working to attract digital asset companies by establishing specialized systems, tokenization projects, and regulatory sandboxes. Local governments believe that cryptocurrencies have the potential to enhance their appeal as global business hubs, but progress has not been uniform.
Angela Ang, a senior policy advisor at consulting firm TRM Labs, stated: "Hong Kong's regulatory framework for exchanges is stricter in many important aspects, such as client asset custody, token listing, and delisting policies. This could tilt the balance towards Singapore." The approval process in Hong Kong has been slower than expected, and regulators have indicated plans to approve more exchanges by the end of the year. Currently, Hong Kong has fully authorized seven platforms to operate, four of which received approval on December 18 (with some restrictions). Another seven hold temporary licenses. Well-known exchanges like OKX and Bybit have withdrawn their applications for Hong Kong licenses. Hong Kong only allows trading of the most liquid cryptocurrencies, such as Bitcoin and Ethereum, prohibiting investors from trading smaller, more volatile tokens (i.e., altcoins). Roger Li, co-founder of One Satoshi, a chain store providing over-the-counter exchange services between cash and cryptocurrencies, stated: "The requirements to achieve profitability are quite high." [Original link]
