Crypto Hub in Southeast Asia
Singapore is leading the race to become Southeast Asia’s cryptocurrency hub. In 2024, the country issued 13 different cryptocurrency licenses, more than double the number issued the previous year.
With the latest approval, Singapore surpasses Hong Kong’s licensing regime efforts, making it a more regulatory-friendly option for various cryptocurrency operators and leading exchanges.
Singapore’s latest licensing achievements
This year, Singapore received licenses from major exchanges OKX and Upbit, as well as others such as BitGo, GSR and Anchorage. This city-state continues Advancing the agenda to attract digital asset companies By providing flexible token listing and asset custody policies.
On Tuesday, the independent reserve became the first cryptocurrency exchange Listed RLUSD in Singapore, Ripple’s USD-backed stablecoin. The integration is likely to improve the customer experience for SGX clients by enabling efficient cross-border liquidity solutions, enabling faster and more cost-effective global trading.
Lasanka Perera, CEO of the Independent Reserve Bank of Singapore, said: “The Independent Reserve Bank is proud to be the first regulated exchange in Singapore to provide safe and secure access to RLUSD, staying true to our mission of leveraging cryptocurrency and blockchain technology to transform financial services. Mission.” according to release.
Currently, users can buy and sell RLUSD using Singapore dollars and US dollars. With this addition, Independent Reserve becomes the 10th cryptocurrency platform to offer Ripple Stablecoin.
Hong Kong’s progress slow
There is one in Singapore Has special advantages over Hong Kongsimilar licensing systems have slowly emerged. Although regulators aim to authorize more exchanges by the end of the year, only seven platforms are fully licensed in Hong Kong, four of which were approved this week.
Another seven hold provisional licenses, while well-known exchanges OKX and Bybit Withdrawn the application No explanation needed.
due to a restrictive licensing systemHong Kong lags behind in terms of business attractiveness for cryptocurrency companies. The state’s regulations currently limit cryptocurrency trading to more liquid assets like Bitcoin and Ethereum, excluding trading in other tokens.
Analysts note that China’s regulatory stance on cryptocurrencies may limit Hong Kong’s ambitions to become a leading cryptocurrency hub. In view of China’s Cryptocurrency trading prohibitedHong Kong is facing a unique regulatory environment Influenced by its close relationship with mainland China.
In contrast, Singapore’s forward-looking regulatory framework and overall supportive environment make it a more attractive and stable long-term base for cryptocurrency businesses in the Greater Asia region.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
