Singapore is stepping up efforts to become a leader in digital assets in 2024, while Hong Kong is struggling in the race to attract cryptocurrencies, reports

Bloomberg, Singapore has issued 13 #cryptocurrency licenses to various businesses in 2024. These include large companies such as OKX and Upbit, as well as global companies such as Anchorage, #BitGo and GSR. This is a significant spike, more than double the number of licenses issued in the previous year. Hong Kong, on the other hand, has been slow to develop a similar licensing program,
Both cities are trying to attract digital asset companies by offering favorable terms, #tokenization initiatives and regulatory sandboxes. Authorities in both cities see #cryptocurrencies as a way to cement their status as global business centers. However, progress has been uneven, and Angela Ang, senior policy advisor at TRM Labs, explains that Hong Kong's regulations are stricter in areas such as custody of client assets and tokenization policies, which may have helped attract Singapore.
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Crypto.com has launched a cryptocurrency custody service for institutional investors in the United States as part of a broader plan to expand its presence in the country, the cryptocurrency exchange said Dec. 23

"Crypto. com Custody Trust An authorized trust named "Crypto. com Custody Trust Company" is authorized to hold the assets of U. S. institutional investors and high net worth individuals, Crypto. com said in a statement.
Crypto. com CEO Chris Marszalek said in a statement that "this move reflects our confidence in the North American market.
It also furthers Crypto. com's plan to "grow our business and presence in two of the most important and active #cryptocurrency markets in the world - the U. S. and Canada, Marszalek said. BREAK In December, U. S. President-elect Donald Trump met with Marshalek at Trump's Mar-a-Lago home to discuss cryptocurrency policy.
The same day Crypto. com withdrew its lawsuit against the U. S. Securities and Exchange Commission (SEC), saying it "will . and has expressed a willingness to work with the incoming administration on a framework.
President Trump has said he wants the U. S. to become the "cryptocurrency capital of the world" and has nominated industry-backed leaders to head key regulatory agencies when his presidency begins in January.
Crypto. com is headquartered in Singapore and began operating in the U. S. in 2022, initially only for institutional investors. The company suspended services in the country in 2023, but has since changed course.
In October, Crypto. com acquired SEC-registered broker-dealer Watchdog Capital to expand its U. S. presence.
In the U. S. , the number of digital asset custodians is growing: in September, U. S. cryptocustodian #BitGo launched a regulated platform for storing and managing native #Web3 protocol tokens; In August, CoinTelegraph reported that Fireblocks, a company known for its financial management products, received permission from the New York financial regulator to store assets of U. S. clients.
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