YEREVAN (CoinChapter.com) — Singapore is solidifying its status as a hub for cryptocurrency. The country doubled its crypto licenses in 2024, highlighting its focus on blockchain innovation.
Singapore Doubles Crypto Licenses in 2024
The Monetary Authority of Singapore (MAS) issued 13 Major Payment Institution (MPI) licenses to crypto exchanges in 2024. This figure more than doubled the six licenses issued in 2023. These approvals underline Singapore’s focus on strengthening its digital finance framework.
In 2023, significant players like Blockchain.com, Coinbase, Crypto.com, and Ripple received MPI licenses. This growing number of licensed exchanges reflects Singapore’s streamlined regulatory environment, attracting blockchain firms globally.
William Croisettier, chief growth officer at ZKcandy, explained Singapore’s regulatory stance: “Singapore 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 Ranks First in Blockchain Patents and Jobs
A December study by ApeX Protocol ranked Singapore as the top blockchain jurisdiction in Asia. The country hosts:
- 1,600 blockchain patents
- 2,433 crypto-related jobs
- 81 cryptocurrency exchanges
In comparison, Hong Kong ranked second with 890 patents, 1,163 jobs, and 52 exchanges. Despite Singapore’s population of under 6 million, these numbers place it ahead of other countries in blockchain activity.
The study emphasizes that Singapore’s leadership in blockchain stems from its risk-adjusted regulations and support for crypto firms. This regulatory clarity attracts global talent and businesses to the country.
Hong Kong Advances with Bitcoin and Ether ETFs
Hong Kong, Singapore’s closest competitor, has focused on regulatory advancements. In April 2024, the country approved its first Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs). These ETFs began trading on April 30, providing another avenue for crypto adoption.
Currently, Hong Kong has seven fully licensed crypto exchanges. Although the figure is lower than Singapore’s licensed platforms, Hong Kong continues to work on developing its crypto regulations.
