As a seasoned crypto investor with roots stretching back to the early days of Bitcoin, I can confidently say that the landscape has evolved dramatically since then. The recent surge of Web3 companies flocking to Singapore is reminiscent of the Gold Rush era, and as someone who’s been through several crypto winters, I can sense a promising spring in the air.
The innovation-friendly regulatory regime in Singapore, coupled with its ease of interaction with local banking partners, sets it apart from other regions. It’s like having a direct line to the gold mine, something that was unheard of back in the day when we were mining for digital gold using our home-built rigs.
The numbers speak for themselves – 1,600 blockchain patents, 2,433 industry-related jobs, and 81 crypto exchanges. For a country with less than 6 million inhabitants, these are staggering figures that put Singapore on the global map as a leading contender in the crypto sphere.
I’ve seen my fair share of regulatory battles over the years, but Singapore seems to have struck the right balance between protection and progress. It’s like they’re saying, “Come for the crypto licenses, stay for the chilli crab.”
In contrast, Hong Kong is making strides too, but it feels more like a cautious walk compared to Singapore’s confident stride. Still, the approval of Bitcoin and Ether ETFs is a positive step forward. I can’t help but think of that old joke: “Hong Kong’s regulatory progress is so slow, they still use paper money.”
All jokes aside, the future looks promising for both Singapore and Hong Kong in the crypto space. It’s an exciting time to be a part of this digital gold rush, and I can’t wait to see who strikes it rich!
2024 saw Singapore issuing double the number of cryptocurrency licenses compared to the preceding year, making it an increasingly attractive hub for Web3 businesses.
It’s possible that Singapore could become a significant Asian center for cryptocurrencies due to its supportive regulatory environment, as suggested by William Croisettier, the Chief Growth Officer of ZKcandy.
He told CryptoMoon:
“The country adopts a risk-adjusted approach to crypto regulation, focusing on the biggest digital currencies to protect investors. Singapore also makes it easy for new crypto firms to interact with local banking partners, a provision considered a luxury in other parts of the world.”
According to a December study conducted by ApeX Protocol, it is evident that Singapore stands out on the world stage for its significant advancements in the field of blockchain technology. This is demonstrated through an impressive number of blockchain patents, a high volume of related jobs, and a considerable amount of crypto exchanges within the nation itself.
The research revealed that Singapore has approximately 1,600 blockchain patents, around 2,433 positions in the related industries, and 81 cryptocurrency trading platforms. Considering it only houses about 6 million people, these figures are truly impressive.
In the study, Hong Kong was found to be second on the list, boasting 890 patents in blockchain technology, 1,163 job positions associated with it, and a total of 52 cryptocurrency trading platforms.
Singapore issued 13 MPI crypto licenses in 2024
Singapore doubled the number of yearly digital asset licenses issued in 2024.
In the year 2024, the Monetary Authority of Singapore (MAS) granted 13 licenses for major cryptocurrency exchanges, which is over double the number issued in the previous year, 2023. This information was reported by local news outlets.
In the year 2023, Singapore granted four complete licenses for their operation (MPI) to Blockchain.com, Coinbase, Crypto.com, and Ripple.
These licenses could strengthen Singapore’s position as a worldwide pioneer in the field of blockchain technology, as suggested by Mouloukou Sanoh, co-founder and CEO of MANSA, in his writing.
“With its clear regulations and support for innovation, Singapore attracts top companies and talent, fostering a thriving ecosystem. This proactive approach signals a strong commitment to digital finance, contrasting with Hong Kong’s more cautious stance.”
Contrarily, Hong Kong, Singapore’s main rival, hosts a total of seven legitimate cryptocurrency exchanges within its borders.
Despite this, Hong Kong continues to advance in regulatory matters. Notably, in April 2024, Hong Kong authorized the initial Bitcoin (BTC) and Ether (ETH) Exchange-Traded Funds (ETFs), marking their debut on the trading market on April 30, according to CryptoMoon’s report.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
2025-01-01 16:12