PANews reported on January 2 that according to Cointelegraph, Singapore is rapidly becoming Asia's next cryptocurrency center with its "risk-adjusted" regulatory policy. In 2024, Singapore issued 13 major payment institution (MPI) cryptocurrency licenses, twice the number in 2023. In recent years, Singapore has become a global leader in blockchain patents, industry employment opportunities, and the number of crypto exchanges.
According to ApeX Protocol research, Singapore has 1,600 blockchain patents, 2,433 related jobs and 81 crypto exchanges, which is outstanding globally. In comparison, Hong Kong has only 890 patents, 1,163 jobs and 52 exchanges.
Singapore’s innovation-friendly regulatory model has attracted many Web3 companies, with a regulatory focus on protecting investors and supporting emerging businesses to work with local banks. Compared to Hong Kong’s more cautious regulatory approach, Singapore’s approach is more proactive, further consolidating its global blockchain leadership.
At the same time, Hong Kong is also making progress in 2024, such as launching the first Bitcoin and Ethereum ETFs and making breakthroughs in its regulatory framework.
