Singapore to become Asia’s next crypto hub with 'risk-adjusted' regulation
Singapore has become a prominent destination for Web3 companies, issuing 13 Major Payment Institution (MPI) crypto licenses in 2024, more than double the number from 2023. The country’s regulatory framework is considered innovation-friendly, focusing on major digital currencies to protect investors and facilitating interactions between crypto firms and local banks. A December study by ApeX Protocol highlighted Singapore's leadership in blockchain, with 1,600 blockchain patents, 2,433 industry-related jobs, and 81 crypto exchanges. In comparison, Hong Kong has 890 blockchain patents, 1,163 jobs, and 52 exchanges. While Hong Kong is advancing its regulations, including the approval of Bitcoin and Ether ETFs in April 2024, Singapore's proactive approach is attracting top companies and talent, reinforcing its status as a global blockchain leader.
