Singapore Leads
Asia in Crypto Licenses
Singapore is leading the race to become a crypto hub in Southeast Asia. In
2024, the country issued 13 different crypto licenses, more than double the
number issued in the previous year.
With the latest approvals, Singapore outpaced Hong Kong’s licensing regime
efforts, making it a more regulatory-friendly choice for various crypto
operators and leading exchanges.
Singapore’s Latest Licensing Achievements
This year, Singapore licensed powerhouse exchanges OKX and Upbit and other
firms like BitGo, GSR, and Anchorage. The city-state continues to advance its
agenda to attract digital asset firms by offering flexible token listing and
asset custody policies.
On Tuesday, Independent Reserve became the first cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchange in
Singapore to list RLUSD, Ripple’s USD-backed stablecoin . This integration
will likely improve the client experience for the exchange’s Singapore-based
clients by enabling efficient cross-border liquidity solutions, resulting in
faster and more cost-effective global transactions.
“Independent Reserve is proud to be the first regulated exchange in Singapore
to offer secure and reliable access to RLUSD, staying true to our mission of
leveraging crypto and blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн technology to transform financial services• Экономика » Финансы » Финансовые услуги
• Сфера услуг » Финансовые услуги,”
said Lasanka Perera, CEO of Independent Reserve Singapore, in a press release.
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Currently, users can buy and sell RLUSD using Singapore and US dollars. With
this addition, Independent Reserve became the 10th crypto platform to offer
Ripple s stablecoin .
Hong Kong’s Slow Progress
Singapore has a particular advantage over Hong Kong , where a similar
licensing regime has slowly taken off. Although regulators intend to authorize
more exchanges by year-end, only seven platforms have been fully licensed in
Hong Kong, with four receiving approvals this week.
A further seven hold provisional permits, while prominent exchanges OKX and
Bybit withdrew their applications without explanation.
Independent Reserve Singapore Crypto Index 2024. Source: Independent Reserve .
Due to a restrictive licensing regime , Hong Kong has fallen behind in its
business• Экономика » Бизнес appeal for crypto firms. The state s regulations currently
limit cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта trading to more liquid assets such as Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, excluding other tokens from trading.
Analysts point to China• Китайская Народная Республика (КНР) s regulatory stance on crypto as a potential
constraint on Hong Kong s ambitions to become a leading crypto hub.
Given China• Китайская Народная Республика (КНР) s ban on crypto trading , Hong Kong faces a unique
regulatory environment influenced by its close relationship with mainland
China• Китайская Народная Республика (КНР).
In contrast, Singapore s forward-thinking regulatory framework and
overall supportive environment have positioned it as a more attractive and
stable long-term base for crypto businesses in greater Asia.
ðTop crypto platforms | December 2024
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ðTop crypto platforms | December 2024
Phemex Explore
BYDFi No KYC
Margex Explore
BingX Explore
Сoinex Explore
ðTop crypto platforms | December 2024
Phemex
BYDFi
Margex
BingX
Сoinex
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