Singapore forged ahead with efforts to formulate a digital-assets hub in 2024, while rival financial center Hong Kong has struggled to gain traction.

Singapore solidified its status as a leading digital assets hub in 2024, granting 13 crypto licenses to a mix of major exchanges and global operators, more than doubling the previous year’s approvals,

Singapore granted more crypto licenses than Hong Kong. Find out how the city-state has overtaken its rival in becoming Asia's crypto leader.

Singapore has been on the lead in approving crypto licenses in 2024, but Hong Kong lags behind, new report reveals.

Singapore – Singapore forged ahead with efforts to formulate a digital assets hub in 2024, while rival financial centre Hong Kong has struggled to gain traction. Singapore doled out 13 licences in 2024 to a range of digital asset operators including top crypto exchanges OKX and Upbit, as well as global heavyweights Anchorage, BitGo and GSR.

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.