Singapore emitted 13 cryptocurrency licenses this year to a range of cryptocurrency operators, including major exchanges OKX and Upbit, as well as crypto firms Anchorage, BitGo, and GSR. This is more than double the number of licenses issued in the country last year. However, Hong Kong's similar licensing system has been slow to progress. Both cities are competing to attract digital asset companies through specialized systems, tokenization projects, and regulatory sandboxes. Local authorities believe that cryptocurrencies have the potential to enhance the appeal of their respective jurisdictions as global business hubs, but progress has not been uniform. Angela Ang, a senior policy advisor at consulting firm TRM Labs, stated, 'Hong Kong's exchange regulatory regime is much stricter in many important aspects, such as customer asset custody and token listing and delisting policies. This may tilt the balance in favor of Singapore.' (Bloomberg)