In 2024, Singapore has emerged as Asia's leading digital asset hub, surpassing Hong Kong due to its regulatory efficiency and appeal, issuing 13 crypto licenses compared to Hong Kong's seven. The stringent regulations in Hong Kong, particularly around asset custody and token policies, have hindered its growth, prompting exchanges to shift focus to Singapore. While Hong Kong has made strides with tokenized green bonds and ETFs, its cautious approach limits opportunities for innovation and startup growth in the digital asset sector.
