Jan 02, 2025 8:33 am
Singapore Emerges As Leading Crypto Hub In Asia
According to PANews, Singapore is rapidly establishing itself as a major cryptocurrency hub in Asia, driven by its 'risk-adjusted' regulatory policies. In 2024, Singapore issued 13 Major Payment Institution (MPI) cryptocurrency licenses, doubling the number from 2023. The country has become a global leader in blockchain patents, industry employment opportunities, and the number of cryptocurrency exchanges.
Research from ApeX Protocol highlights Singapore's impressive figures, with 1,600 blockchain patents, 2,433 related job positions, and 81 cryptocurrency exchanges. In comparison, Hong Kong holds 890 patents, 1,163 job positions, and 52 exchanges.
Singapore's regulatory approach, which is innovation-friendly, has attracted numerous Web3 companies. The focus is on investor protection and supporting emerging businesses in collaboration with local banks. This proactive stance contrasts with Hong Kong's more cautious regulatory approach, further solidifying Singapore's leadership in the global blockchain sector.
Meanwhile, Hong Kong is also making strides in 2024, such as launching its first Bitcoin and Ethereum ETFs and achieving breakthroughs in its regulatory framework.