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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