Singapore and Hong Kong are engaged in a "friendly competition" over cryptocurrency license issuance! 🎮 In 2024, Singapore granted a total of 13 cryptocurrency licenses at once, covering well-known exchanges such as OKX and Upbit, more than double that of last year. In contrast, Hong Kong's pace appears somewhat slow; although it has authorized seven platforms to operate, the approval process is not as expected.

Both governments are attracting digital asset companies through tokenization projects and regulatory sandboxes, but their strategies differ. Hong Kong is stricter in areas such as client asset custody and token listings, leading some exchanges like OKX and Bybit to choose to withdraw their applications. 🏦

Overall, Singapore seems to have the upper hand in this competition, but it remains to be seen who will stand out in the battle for the global business center in the future. 🔍