The doubling of licenses in 2024 and the crypto-friendly regulations of Singapore have established it as a burgeoning centre for blockchain innovation.
After issuing twice as many crypto licenses in 2024 as the previous year, Singapore is emerging as a significant destination for Web3 companies.
According to William Croisettier, chief growth officer of ZKcandy, Singapore may become the next significant cryptocurrency centre in Asia as a result of its regulatory framework that is conducive to innovation.
He disclosed to Cointelegraph that the nation implements a risk-adjusted approach to cryptocurrency regulation, with an emphasis on the most significant digital currencies in order to safeguard investors. Singapore also facilitates the interaction between new crypto firms and local banking partners, a feature that is considered a luxury in other regions of the world.
A December study by ApeX Protocol indicates that Singapore has become a global leader in blockchain, as evidenced by the number of blockchain patents, employment, and crypto exchanges in the country.
The research revealed that Singapore is home to 1,600 blockchain patents, 2,433 industry-related employment, and 81 crypto exchanges.
Hong Kong was ranked second in the study, with 890 blockchain patents, 1,163 related employment, and 52 cryptocurrency exchanges.
According to local media reports, the Monetary Authority of Singapore (MAS) issued 13 Major Payment Institution Licenses for crypto exchanges in 2024, which is more than double the number issued in 2023.
Blockchain.com, Coinbase, Crypto.com, and Ripple were granted four full MPI licenses by Singapore in 2023.
According to Mouloukou Sanoh, co-founder and CEO of MANSA, these licenses have the potential to further establish Singapore’s status as a global blockchain leader. Sanoh stated, “Singapore’s clear regulations and support for innovation attract top companies and talent, fostering a thriving ecosystem.” This proactive approach indicates a strong dedication to digital finance, in contrast to Hong Kong’s more cautious posture.
Conversely, Hong Kong, Singapore’s nearest competitor, maintains seven fully licensed crypto exchanges within its borders. Nevertheless, Hong Kong is making strides in other areas of regulation. The initial Bitcoin (BTC) and Ether (ETH) ETFs were authorized in Hong Kong in April 2024, and they commenced trading on April 30, according to Cointelegraph.
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