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Singapore issues more crypto licenses, leading Hong Kong in regulatory clarity.   Hong Kong’s strict rules deter major exchanges from applying for licenses.   Singapore’s initiatives like Project Guardian boost its crypto market position. Singapore has solidified its position as a leading hub for the crypto market, issuing 13 new crypto licenses to digital asset firms. This marks a twofold increase from the previous year and includes major global firms such as OKX, Upbit, Anchorage, BitGo, and GSR. As noted by Bloomberg, these advancements in licensing are part of a broader push by Singapore and Hong Kong to attract digital-asset companies to their shores through regulatory frameworks, tokenization projects, and sandbox initiatives. However, while both cities have been vying for dominance in the crypto space, Singapore is pulling ahead regarding licensing and regulatory clarity. Hong Kong’s Crypto Regulation: A Different Approach In comparison, Hong Kong’s progress has been slower. Its more restrictive regulatory system has deterred some exchanges from pursuing licenses. Notably, exchanges like OKX and Bybit have withdrawn their license applications in Hong Kong, citing the high standards and complexities of the approval process. Read also : Crypto Tax Breaks: Hong Kong’s New Plan to Rival Global Investment Hubs The city’s regulatory framework for digital asset firms has been seen as more strict regarding the custody of customer assets and policies on token listings and delistings. These restrictions have contributed to the perception that Singapore’s regulatory environment is more favorable for crypto businesses. Singapore and Hong Kong’s Innovative Crypto Projects Initiatives such as Project Guardian and Global Layer 1 have boosted Singapore’s regulatory efforts. These initiatives aim to commercialize asset tokenization and enhance the country’s position in the digital asset space. The Monetary Authority of Singapore has been actively supporting these efforts as part of a broader strategy to attract new…

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Filed under: News - @ December 24, 2024 3:24 pm