Singapore is leading the race to end up being a crypto center in Southeast Asia. In 2024, the nation provided 13 various crypto licenses, more than double the number released in the previous year.
With the most recent approvals, Singapore outmatched Hong Kong’s licensing program efforts, making it a more regulatory-friendly option for numerous crypto operators and leading exchanges.
Singapore’s Latest Licensing Achievements
This year, Singapore accredited powerhouse exchanges OKX and Upbit and other companies like BitGo, GSR, and Anchorage. The city-state continues to advance its program to draw in digital property companies by using versatile token listing and possession custody policies.
On Tuesday, Independent Reserve ended up being the very first cryptocurrency exchange in Singapore to note RLUSD, Ripple’s USD-backed stablecoin. This combination will likely enhance the customer experience for the exchange’s Singapore-based customers by making it possible for effective cross-border liquidity options, leading to much faster and more affordable worldwide deals.
“Independent Reserve is happy to be the very first regulated exchange in Singapore to use safe and secure and dependable access to RLUSD, remaining real to our objective of leveraging crypto and blockchain innovation to change monetary services,” stated Lasanka Perera, CEO of Independent Reserve Singapore, in a news release.
Presently, users can purchase and offer RLUSD utilizing Singapore and United States dollars. With this addition, Independent Reserve ended up being the 10th crypto platform to use Ripple’s stablecoin.
Hong Kong’s Slow Progress
Singapore has a specific benefit over Hong Kong, where a comparable licensing program has actually gradually removed. Regulators plan to license more exchanges by year-end, just 7 platforms have actually been totally accredited in Hong Kong, with 4 getting approvals this week.
A more 7 hold provisionary licenses, while popular exchanges OKX and Bybit withdrew their applications without description.
Independent Reserve Singapore Crypto Index 2024. Source: Independent Reserve.
Due to a limiting licensing routine, Hong Kong has actually fallen back in its company appeal for crypto companies. The state’s guidelines presently restrict cryptocurrency trading to more liquid properties such as Bitcoin and Ethereum, leaving out other tokens from trading.
Experts indicate China’s regulative position on crypto as a prospective restraint on Hong Kong’s aspirations to end up being a leading crypto center. Offered China’s restriction on crypto trading, Hong Kong deals with a distinct regulative environment affected by its close relationship with mainland China.
On the other hand, Singapore’s forward-thinking regulative structure and total encouraging environment have actually placed it as a more appealing and steady long-lasting base for crypto companies in higher Asia.
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