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

Odaily reported that in 2024, Singapore issued 13 cryptocurrency licenses to a series of cryptocurrency operators, including major exchanges OKX and Upbit, as well as cryptocurrency companies Anchorage, BitGo, and GSR. This is more than double the number of licenses issued by the country last year. However, Hong Kong's similar licensing system is progressing slowly. Both cities are competing to attract digital asset companies through dedicated 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 centers, but the progress is uneven. Angela Ang, a senior policy advisor at TRM Labs, said that "Hong Kong's exchange regulatory regime is more stringent in many important aspects, such as customer asset custody and token listing and delisting policies. This may tilt the balance towards Singapore."