PANews reported on January 2, according to Cointelegraph, that Singapore is rapidly becoming Asia's next cryptocurrency hub with its 'risk-adjusted' regulatory policy. In 2024, Singapore issued 13 major payment institution (MPI) cryptocurrency licenses, double the number in 2023. In recent years, Singapore has become a global leader in blockchain patents, industry job opportunities, and the number of cryptocurrency exchanges.
According to research by ApeX Protocol, Singapore has 1,600 blockchain patents, 2,433 related job positions, and 81 cryptocurrency exchanges, which is outstanding globally. In contrast, Hong Kong has only 890 patents, 1,163 job positions, and 52 exchanges.
Singapore's innovation-friendly regulatory model has attracted many Web3 companies, with a regulatory focus on protecting investors and supporting emerging businesses in collaborating with local banks. Compared to Hong Kong's more cautious regulatory approach, Singapore's method is more proactive, further consolidating its global blockchain leadership.
At the same time, Hong Kong made progress in 2024, such as launching the first Bitcoin and Ethereum ETFs, and achieving breakthroughs in regulatory frameworks.