Singapore forged ahead with efforts to formulate a digital-assets hub in 2024, while rival financial center Hong Kong has struggled to gain traction.
Singapore doled out 13 cryptocurrency licenses in 2024 to a range of operators including top exchanges OKX and Upbit, as well as global heavyweights Anchorage, BitGo and GSR. That’s more than double the licenses awarded by the city-state the previous year.
A similar licensing regime in Hong Kong has been slow to progress.
