On January 1, 2025, Singapore has solidified its position as a leading cryptocurrency hub in Asia by issuing 13 Major Payment Institution Licenses for crypto exchanges in 2024, more than doubling the four licenses granted in 2023. This regulatory shift is attributed to the Monetary Authority of Singapore's (MAS) risk-adjusted approach to crypto regulation, which focuses on protecting investors while fostering innovation.
A recent study by ApeX Protocol highlights Singapore's dominance in blockchain technology, boasting 1,600 blockchain patents, 2,433 industry-related jobs, and 81 crypto exchanges, all within a population of less than 6 million. In comparison, Hong Kong, which ranks second, has 890 blockchain patents and 52 exchanges.
The issuance of these licenses is expected to attract top companies and talent to Singapore, contrasting with Hong Kong's more cautious regulatory environment. As of April 2024, Hong Kong has only seven fully licensed crypto exchanges and has recently approved Bitcoin and Ether ETFs, which began trading on April 30.