Singapore stepped up its efforts to become a leader in digital assets in 2024, while Hong Kong struggled to keep pace in the race to attract crypto businesses.

According to a Bloomberg report, Singapore issued 13 crypto licenses to various operators in 2024. This includes major players like OKX and Upbit and global firms such as Anchorage, BitGo, and GSR. This marked a significant jump, more than doubling the number of licenses issued the previous year. Meanwhile, Hong Kong’s similar licensing program has been moving at a slower pace.

Both cities are competing to draw in digital-asset firms by offering supportive frameworks, tokenization initiatives, and regulatory sandboxes. Authorities in both jurisdictions view crypto as a way to strengthen their positions as global business hubs. However, their progress has been uneven. Angela Ang, a senior policy adviser at TRM Labs, explained, “Hong Kong’s rules are stricter in areas like customer asset custody and token policies, which may have tilted the scale toward Singapore.”

Major exchanges such as OKX and Bybit have withdrawn their applications for Hong Kong crypto licenses

Hong Kong’s licensing process has faced delays, with regulators aiming to approve more exchanges by the end of the year. So far, the city has fully licensed seven platforms, including four with restrictions granted on December 18, while another seven hold provisional crypto licenses. Notably, major exchanges such as OKX and Bybit have withdrawn their applications for Hong Kong licenses.

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