Singapore has issued 13 cryptocurrency licenses this year, more than double the number last year

Singapore issued 13 cryptocurrency licenses in 2024 to a range of cryptocurrency operators, including major exchanges OKX and Upbit, as well as crypto firms Anchorage, BitGo and GSR. This more than doubled the number of licenses the country issued last year. However, progress has been slow in Hong Kong’s similar licensing regime. Both cities are racing to attract digital asset companies through dedicated regimes, tokenization projects and regulatory sandboxes. Local authorities see cryptocurrencies as having the potential to boost their respective jurisdictions’ appeal as global business hubs, but progress has been uneven. Angela Ang, senior policy advisor at consultancy TRM Labs, said: “Hong Kong’s exchange regulatory regime is stricter in many important ways, such as custody of customer assets and token listing and delisting policies. This could tip the balance in Singapore’s favour.” (Bloomberg)