Singapore is positioning itself as Asia's leading digital asset hub, with the Monetary Authority of Singapore (MAS) issuing licenses to 13 virtual asset service providers in 2024, far surpassing Hong Kong's conservative approach. The MAS is refining its regulatory framework to address emerging risks while promoting innovation, focusing on stablecoins and tokenization as key areas for development. Despite past challenges, including the collapses of Three Arrows Capital and FTX, Singapore's risk-adjusted approach fosters collaboration between new crypto firms and established institutions, enhancing its appeal as a regional hub.
Singapore has surpassed Hong Kong in crypto adoption, granting 13 new licenses in 2024, primarily to major exchanges like OKX and Upbit, while Hong Kong struggles with a slower licensing process and restrictive regulations. The influence of China and a cautious approach to trading have further hindered Hong Kong's competitiveness, making Singapore a more attractive hub for digital-asset firms. Meanwhile, Bitcoin ETFs in the U.S. experienced significant outflows amid market volatility, while Ethereum ETFs saw a rebound with notable inflows.
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