Odaily Planet Daily reported that 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 is progressing slowly. Both cities are competing to attract digital asset companies through specialized systems, tokenization projects, and regulatory sandboxes. Local authorities believe that cryptocurrency has the potential to enhance their respective jurisdictions' appeal as global business hubs, but progress is uneven. Angela Ang, senior policy advisor at consulting firm TRM Labs, stated, 'Hong Kong's exchange regulatory framework is more stringent in many important aspects, such as customer asset custody and token listing and delisting policies. This may tilt the balance in favor of Singapore.' (Bloomberg)