Singapore has surpassed Hong Kong in 2024 in the race to become a leading digital-assets hub, issuing 13 crypto licenses this year.

This figure more than doubles the number granted in 2023, includes approvals for companies like OKX, Upbit, Anchorage, BitGo, and GSR.

In comparison, Hong Kong’s licensing framework has evolved at a slower rate.

The region has fully licensed seven platforms, with four approvals granted on December 18, but with restrictions.

However, Hong Kong’s restrictive policies, like tighter rules on asset custody and limited token listings, may have dissuaded firms.

Meanwhile, Singapore has fostered collaboration between emerging crypto firms and established businesses.