Singapore leads Hong Kong in race to be crypto hub
In 2024, Singapore issued 13 cryptocurrency licenses—more than double the number granted in 2023. Recipients included top exchanges like OKX and Upbit, along with global players such as Anchorage, BitGo, and GSR, according to Bloomberg.
“Hong Kong’s regulatory regime for exchanges is more restrictive in a number of ways that matter — such as custody of customer assets and token listing and delisting policies,” says Angela Ang, senior policy adviser at consultancy TRM Labs. “This may have tipped the balance in Singapore’s favor.”
Hong Kong’s licensing approvals have lagged behind expectations, with only seven platforms fully licensed. Four of these approvals were granted on Dec. 18, but with restrictions.
Additionally, seven…
