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Singapore issued more than twice the crypto licenses in 2024 compared to 2023, solidifying its reputation as a global blockchain hub with progressive regulations and a thriving Web3 ecosystem.
Singapore’s Regulatory Approach Attracts Web3 Startups
With twice as many cryptocurrency licenses given in 2024 as in 2023, Singapore is quickly becoming a prime location for Web3 startups.
According to William Croisettier, chief growth officer of ZKcandy, Singapore's innovation-friendly regulatory system might make it the next big cryptocurrency hub in Asia.
What he said to Cointelegraph was:
“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.”
Singapore Dominates Blockchain Patents and Crypto Jobs
Based on a December report by Apex Protocol, Singapore has surpassed all other countries in the world when it comes to blockchain patents, blockchain jobs, and crypto exchanges in the country.
According to the research, there are 81 cryptocurrency exchanges in Singapore, 1,600 blockchain patents, and 2,433 jobs in the blockchain industry. For a nation with a population of under 6 million, these are very remarkable figures.
With 52 bitcoin exchanges, 1,163 blockchain-related jobs, and 890 patents, Hong Kong was placed second in the survey.
Digital Asset Licenses Surge in 2024
In 2024, the amount of digital asset licenses awarded annually by Singapore was doubled.
Based on sources from local media, the Monetary Authority of Singapore (MAS) gave 13 Major Payment Institution Licenses to cryptocurrency exchanges in 2024, which is more than double the number from 2023.
Ripple, Blockchain.com, Coinbase, and Crypto.com were granted four full MPI licenses by Singapore in 2023.
Comparing Singapore and Hong Kong’s Crypto Progress
Singapore's status as a global blockchain authority may be further solidified by these licenses, according to Mouloukou Sanoh, co-founder and CEO of MANSA, who wrote:
“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.”
On the other hand, there are seven fully licensed crypto exchanges in Hong Kong, Singapore's main rival.
Despite this, there are some areas where Hong Kong is advancing in terms of regulation. Cointelegraph stated that the first Bitcoin and Ether exchange-traded funds (ETFs) began trading on April 30, 2024, after receiving approval from Hong Kong.
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