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Singapore’s crypto-friendly regulations and doubling of licenses in 2024 position it as a growing hub for blockchain innovation.
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Singapore is becoming a key destination for Web3 companies after it issued twice as many crypto licenses in 2024 as in the previous year.
Singapore may emerge as the next major cryptocurrency hub in Asia thanks to its innovation-friendly regulatory regime, according to William Croisettier, chief growth officer of ZKcandy.
He told Cointelegraph:
“The country adopts a risk-adjusted approach to crypto regulation, focusing on the biggest digital currencies to protect investors. Singapore also makes it easy for new crypto firms to interact with local banking partners, a provision considered a luxury in other parts of the world.”
Singapore has emerged as a global leader in blockchain, in terms of blockchain patents, jobs and crypto exchanges in the country, according to a December study by ApeX Protocol.
A ranking of the top blockchain jurisdictions based on patents, jobs and exchanges. Source: ApeX Protocol
The study found that Singapore is home to 1,600 blockchain patents, 2,433 industry-related jobs and 81 crypto exchanges. These are stellar numbers for a country with less than 6 million inhabitants.
The study ranked Hong Kong in second place, with 890 blockchain patents, 1,163 related jobs and 52 cryptocurrency exchanges.
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Singapore issued 13 MPI crypto licenses in 2024
Singapore doubled the number of yearly digital asset licenses issued in 2024.
The Monetary Authority of Singapore (MAS) issued 13 Major Payment Institution Licenses for crypto exchanges in 2024, more than twice as many as in 2023, according to local media reports.
During 2023, Singapore issued four full MPI licenses to Blockchain.com, Coinbase, Crypto.com and Ripple.
These licenses may further solidify Singapore’s status as a global blockchain leader, according to Mouloukou Sanoh, co-founder and CEO of MANSA, who wrote:
“With its clear regulations and support for innovation, Singapore attracts top companies and talent, fostering a thriving ecosystem. This proactive approach signals a strong commitment to digital finance, contrasting with Hong Kong’s more cautious stance.”
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In contrast, Singapore’s closest competitor, Hong Kong, has a total of seven fully licensed crypto exchanges operating in the country.
Still, Hong Kong is making regulatory progress on other fronts. In April 2024, Hong Kong approved the first Bitcoin (BTC) and Ether (ETH) ETFs, which started trading on April 30, Cointelegraph reported.
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This article first appeared at Cointelegraph.com News
