In 2024, Singapore issued 13 crypto licenses, double that of last year, attracting major companies like OKX and Upbit thanks to its open regulatory policy and support for innovation.

Meanwhile, Hong Kong only issued 7 licenses, with strict regulations on asset management and token listings, causing many companies like OKX and Bybit to withdraw their applications. Caution and the influence of China's crypto ban have diminished Hong Kong's appeal, while Singapore has become a safer and more attractive option for crypto businesses.