Singapore is main the race to change into a crypto hub in Southeast Asia. In 2024, the nation issued 13 totally different crypto licenses, greater than double the quantity issued within the earlier 12 months.
With the newest approvals, Singapore outpaced Hong Kong’s licensing regime efforts, making it a extra regulatory-friendly selection for numerous crypto operators and main exchanges.
Singapore’s Newest Licensing Achievements
This 12 months, Singapore licensed powerhouse exchanges OKX and Upbit and different corporations like BitGo, GSR, and Anchorage. Town-state continues to advance its agenda to draw digital asset corporations by providing versatile token itemizing and asset custody insurance policies.
On Tuesday, Impartial Reserve turned the primary cryptocurrency alternate in Singapore to checklist RLUSD, Ripple’s USD-backed stablecoin. This integration will probably enhance the consumer expertise for the alternate’s Singapore-based purchasers by enabling environment friendly cross-border liquidity options, leading to quicker and more cost effective international transactions.
“Impartial Reserve is proud to be the primary regulated alternate in Singapore to supply safe and dependable entry to RLUSD, staying true to our mission of leveraging crypto and blockchain expertise to rework monetary providers,” stated Lasanka Perera, CEO of Impartial Reserve Singapore, in a press launch.
At present, customers should purchase and promote RLUSD utilizing Singapore and US {dollars}. With this addition, Impartial Reserve turned the tenth crypto platform to supply Ripple’s stablecoin.
Hong Kong’s Sluggish Progress
Singapore has a specific benefit over Hong Kong, the place an analogous licensing regime has slowly taken off. Though regulators intend to authorize extra exchanges by year-end, solely seven platforms have been totally licensed in Hong Kong, with 4 receiving approvals this week.
An additional seven maintain provisional permits, whereas outstanding exchanges OKX and Bybit withdrew their functions with out clarification.
Attributable to a restrictive licensing regime, Hong Kong has fallen behind in its enterprise attraction for crypto corporations. The state’s rules at the moment restrict cryptocurrency buying and selling to extra liquid belongings akin to Bitcoin and Ethereum, excluding different tokens from buying and selling.
Analysts level to China’s regulatory stance on crypto as a possible constraint on Hong Kong’s ambitions to change into a number one crypto hub. Given China’s ban on crypto buying and selling, Hong Kong faces a singular regulatory setting influenced by its shut relationship with mainland China.
In distinction, Singapore’s forward-thinking regulatory framework and general supportive setting have positioned it as a extra engaging and steady long-term base for crypto companies in larger Asia.
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