Singapore is stepping up to become the go-to crypto hub in Southeast Asia, and it’s doing so with some impressive moves.
In 2024, the city-state issued 13 crypto licenses, more than doubling the number granted the previous year.
Outpacing Hong Kong
With these latest approvals, Singapore has officially outpaced Hong Kong in the race for crypto regulation, making it a more attractive option for crypto operators and exchanges.
This year alone, Singapore welcomed major players like OKX and Upbit, along with firms such as BitGo, GSR, and Anchorage.
The country is keen on attracting digital asset firms by offering flexible policies for token listings and asset custody.
Just recently, Independent Reserve became the first cryptocurrency exchange in Singapore to list RLUSD, Ripple’s USD-backed stablecoin.
This move is set to enhance the experience for users by providing efficient cross-border liquidity solutions.
Game of cities
Lasanka Perera, CEO of Independent Reserve Singapore, proudly stated, they’re also listing RLUSD, Ripple’s new stablecoin.
“We’re excited to be the first regulated exchange in Singapore to offer secure access to RLUSD. We’re all about using crypto and blockchain tech to transform financial services.”
Another regional central, Hong Kong is lagging behind with its licensing efforts, as regulators are want to authorize more exchanges by the end of the year, only seven platforms have been fully licensed so far. Four of those got approvals just this week.
Seven others have provisional permits, but notable exchanges like OKX and Bybit have pulled their applications without giving any reasons.
Regulations
Hong Kong’s restrictive licensing regime has made it less appealing for crypto firms. Currently, trading is limited to more liquid assets like Bitcoin and Ethereum, leaving many other tokens out in the cold.
Analysts point to China’s tough stance on cryptocurrency as a big hurdle for Hong Kong’s ambitions.
With China banning crypto trading, Hong Kong finds itself navigating a tricky regulatory environment influenced by its ties to mainland China.
