Singapore to become the next crypto hub in Asia
January 03, 2025
In 2024, Singapore doubled the number of crypto licenses issued to local companies, contributing to its transformation into a key destination for Web3 projects. The development director at ZKcandy noted that the favorable regulatory environment makes Singapore a promising cryptocurrency hub.
Risk-Aware Regulatory Approach
Singapore applies digital asset regulation with a focus on investor protection and support for major blockchain assets. Additionally, the country actively fosters collaboration between cryptocurrency companies and the banking sector, which is a rare phenomenon globally.
Global Blockchain Leadership
According to research, Singapore ranked first among global blockchain leaders:
- 1,600 blockchain patents;
- 2,433 blockchain industry jobs;
- 81 cryptocurrency exchanges.
For comparison, Hong Kong secured second place with 890 patents, 1,163 jobs, and 52 exchanges.
Growth in Licenses
During 2024, the Monetary Authority of Singapore (MAS) issued 13 Major Payment Institution (MPI) licenses for cryptocurrency exchanges, more than doubling the 2023 figure. Among the recipients of licenses in 2023 were companies such as Blockchain.com, Coinbase, Crypto.com, and Ripple.
The co-founder of MANSA emphasized that these licenses reinforce Singapore's status as a leading player in the blockchain space. Its proactive innovation support policy contrasts with Hong Kong's more cautious approach.