As a seasoned crypto investor with roots deeply embedded in Southeast Asia, I can confidently say that Singapore’s recent licensing achievements have catapulted it to the forefront of the region as a preferred destination for crypto businesses. Having witnessed the ebb and flow of regulatory landscapes across various jurisdictions, I find myself increasingly drawn to the city-state’s forward-thinking approach.
As a researcher, I find myself observing the dynamic landscape of cryptocurrency in Southeast Asia, where Singapore has taken a significant lead. In the year 2024, our country issued an impressive total of 13 distinct crypto licenses, marking more than a doubling of the number issued in the preceding year. This surge puts Singapore ahead of Hong Kong’s licensing efforts, making us a more appealing destination for various crypto operators and leading exchanges due to our more favorable regulatory environment.
Singapore’s Latest Licensing Achievements
In 2021, Singapore granted licenses to notable cryptocurrency exchanges such as OKX, Upbit, BitGo, GSR, and Anchorage, among others. The city-state is pushing forward with its goal of attracting digital asset companies by providing flexible token listing and asset custody regulations.
On Tuesday, Independent Reserve made history as the first cryptocurrency exchange in Singapore to list RLUSD, Ripple‘s stablecoin pegged to the US dollar. This addition is expected to enhance the user experience for Singapore-based clients by facilitating seamless cross-border liquidity solutions, leading to quicker and less expensive global transactions.
In a recent press statement, Lasanka Perera, CEO of Independent Reserve Singapore, expressed pride as the first licensed exchange in Singapore to provide a secure and dependable platform for RLUSD. This action aligns with our mission of using cryptocurrency and blockchain technology to revolutionize financial services.
At present, traders have the option to transact with RLUSD (Ripple’s stablecoin) using both Singaporean Dollars and U.S. Dollars. This expansion makes Independent Reserve the tenth cryptocurrency platform to facilitate transactions involving Ripple’s stablecoin.
Hong Kong’s Slow Progress
In contrast to Hong Kong, which is gradually implementing a licensing system similar to Singapore’s, Singapore holds an edge due to the higher number of fully licensed cryptocurrency exchange platforms it hosts. Despite regulators planning to endorse more exchanges by the end of the year, only seven platforms have received full licenses in Hong Kong, with four receiving approval this week.
Additionally, seven entities currently have temporary licenses, whereas the notable platforms OKX and Bybit chose not to proceed with their applications for unspecified reasons.
Because of a strict licensing policy, Hong Kong is lagging behind in attracting cryptocurrency companies due to the current state regulations that only allow trading of more liquid assets like Bitcoin and Ethereum, while other tokens are excluded. Analysts suggest China’s regulatory approach towards crypto as a possible challenge for Hong Kong’s aspirations to be a major player in the crypto industry, considering its close ties with mainland China where crypto trading is prohibited. On the flip side, Singapore stands out with its progressive regulations and welcoming environment, making it a more appealing and secure long-term option for cryptocurrency businesses across Asia.
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2024-12-25 21:32