Singapore issued 13 cryptocurrency licenses to a range of cryptocurrency operators in 2024, including major exchanges OKX and Upbit, as well as crypto companies Anchorage, BitGo, and GSR. This is more than double the number of licenses issued by the country last year. However, Hong Kong's similar licensing system has been slow to progress. Both cities are competing to attract digital asset companies through dedicated systems, tokenization projects, and regulatory sandboxes. Local authorities believe that cryptocurrencies have the potential to enhance their respective jurisdictions' appeal as global business hubs, but progress has not been uniform. Angela Ang, senior policy advisor at consulting firm TRM Labs, stated, 'Hong Kong's exchange regulation system is much stricter in many important aspects, such as customer asset custody and token listing and delisting policies. This could tilt the balance in favor of Singapore.' (Bloomberg)