Singapore is increasingly asserting itself as an important destination for Web3 companies, having doubled the number of cryptocurrency licenses issued in 2024 compared to the previous year.
According to William Croisettier, Growth Director of ZKcandy, Singapore is likely to become the next major cryptocurrency hub in Asia due to its innovation-friendly regulatory policy.
"Singapore adopts a risk-based regulatory approach to cryptocurrency management, focusing on major digital currencies to protect investors. The country also facilitates new crypto companies to connect with local banking partners – an advantage that few countries in the world possess."
According to a study by ApeX Protocol in December, Singapore has emerged as the global leader in blockchain, considering the number of patents, jobs, and crypto exchanges present in the country.
Research indicates that Singapore currently holds 1,600 blockchain patents, 2,433 industry-related jobs, and 81 crypto exchanges. These are impressive figures for a country with a population of less than 6 million.
Hong Kong ranks second, with 890 blockchain patents, 1,163 jobs in the industry, and 52 cryptocurrency exchanges.
In addition, Singapore has doubled the number of digital asset licenses issued each year, with 13 major payment institution (MPI) licenses granted to crypto exchanges in 2024.
Meanwhile, in 2023, Singapore granted four full MPI licenses to major companies like Blockchain.com, Coinbase, Crypto.com, and Ripple.
Mouloukou Sanoh, co-founder and CEO of MANSA, noted that these licenses will further strengthen Singapore's position as a leading country in the global blockchain space:
"With clear regulations and a supportive innovation environment, Singapore attracts top companies and talent, contributing to the development of a robust ecosystem. This proactive approach reflects a strong commitment to digital finance, differing from Hong Kong's more cautious stance."
In contrast to Singapore, this country's closest competitor, Hong Kong currently has seven fully licensed crypto exchanges.
However, Hong Kong is also making significant progress in management. In April 2024, Hong Kong approved Bitcoin and Ether ETF funds, allowing these financial products to officially trade from April 30.
https://tapchibitcoin.io/singapore-tro-thanh-trung-tam-crypto-tiep-theo-cua-chau-a.html