Singapore issues more crypto licenses, leading Hong Kong in regulatory clarity.
Hong Kong’s strict rules deter major exchanges from applying for licenses.
Singapore’s initiatives like Project Guardian boost its crypto market position.
Singapore has solidified its position as a leading hub for the crypto market, issuing 13 new crypto licenses to digital asset firms. This marks a twofold increase from the previous year and includes major global firms such as OKX, Upbit, Anchorage, BitGo, and GSR.
As noted by Bloomberg, these advancements in licensing are part of a broader push by Singapore and Hong Kong to attract digital-asset companies to their shores through regulatory frameworks, tokenization projects, and sandbox initiatives.
However, while both cities have been vying for dominance in the crypto space, Singapore is pulling ahead regarding licensing and regulatory clarity.
Hong Kong’s Crypto Regulation: A Different Approach
In comparison, Hong Kong’s progress has been slower. Its more restrictive regulatory system has deterred some exchanges from pursuing licenses.
Notably, exchanges like OKX and Bybit have withdrawn their license applicatio…
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