In 2024, Singapore surpassed Hong Kong as a leading digital-assets hub, issuing 13 cryptocurrency licenses—more than double the previous year. Major exchanges like OKX, 

Upbit, Anchorage, BitGo, and GSR were among the recipients. Singapore’s more flexible regulatory framework, especially regarding custody of customer assets and token listing policies, 

gave it an edge over Hong Kong, which enforces stricter regulations to protect investors and maintain market stability.

Hong Kong has only issued seven full licenses, with four granted in December 2024 under certain restrictions, and seven platforms holding provisional permits.

Singapore’s supportive environment fosters collaboration between new and established institutions, while Hong Kong’s focus on traditional financial players limits innovation. 

This makes Singapore a more attractive long-term choice for digital asset businesses.

source: https://e.vnexpress.net/news/tech/tech-news/singapore-leads-hong-kong-in-race-to-be-crypto-hub-4832840.html