Singapore is rapidly solidifying its place as the crypto hub of Asia. The city-state has issued a record 13 Major Payment Institution (MPI) licenses for crypto exchanges in 2024, more than doubling the number from the previous year. This move is set to strengthen Singapore’s position as a global blockchain leader, with 81 crypto exchanges already operating within its borders, according to Cointelegraph.
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What’s Driving this Licence Surge?
The surge in licenses is driven by Singapore’s risk-adjusted approach to crypto regulation, which focuses on major digital currencies to ensure investor protection. As William Croisettier, Chief Growth Officer of ZKcandy, explained, Singapore makes it easy for crypto firms to interact with local banking partners—a luxury not available everywhere. This flexibility has earned the nation high praise from industry experts and companies alike.
Singapore Outpaces Hong Kong
While Singapore excels, Hong Kong is playing catch-up, with only seven fully licensed crypto exchanges. Despite this, Hong Kong’s approval of Bitcoin and Ethereum ETFs in April 2024 indicates progress in its crypto regulatory framework. Singapore’s ability to adapt and innovate, however, gives it a competitive edge that is hard to ignore.
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