Singapore’s crypto crackdown on unlicensed exchanges could drive liquidity to Hong Kong
Hong Kong could benefit from Singapore’s recent move to oust unlicensed cryptocurrency companies, according to analysts, potentially leading to a significant injection of liquidity.
On May 30, the Monetary Authority of Singapore instructed cryptocurrency firms incorporated in the city and offering services abroad to acquire a licence or leave the country. Singapore’s central bank subsequently set a June 30 deadline for crypto service providers in the city state to stop offering digital token services to overseas markets.
This combined with Hong Kong’s recently passed stablecoin ordinance, set to take effect on August 1, and Beijing’s plan to liquidate confiscated cryptocurrencies in the city could all benefit the jurisdiction’s…
