This rapid growth highlights the country’s proactive approach to fostering a robust digital finance ecosystem.
With a “risk-adjusted” regulatory framework, Singapore balances investor protection and innovation.
“The country focuses on the biggest digital currencies while enabling seamless interactions between crypto firms and local banking partners—a rarity in other regions,” William Croisettier, chief growth officer of ZKcandy, told Cointelegraph.
A December study by ApeX Protocol highlights Singapore’s leadership in blockchain, reporting 1,600 blockchain patents, 2,433 industry jobs, and 81 cryptocurrency exchanges—impressive figures for a nation of fewer than 6 million people.
In comparison, Hong Kong, Singapore’s closest competitor, has 890 patents, 1,163 jobs, and 52 exchanges.
The Monetary Authority of Singapore (MAS) issued 13 Major Payment Institution (MPI) licenses for crypto exchanges in 2024, more than doubling the licenses granted in 2023. Previous recipients include Blockchain.com, Coinbase, Crypto.com, and Ripple, further cementing Singapore’s reputation as a blockchain leader.
“With its clear regulations and support for innovation, Singapore attracts top companies and talent, fostering a thriving ecosystem,” wrote Mouloukou Sanoh, co-founder and CEO of MANSA. “This proactive stance signals a strong commitment to digital finance, contrasting with Hong Kong’s more cautious approach.”
While Hong Kong lags behind Singapore with only seven fully licensed crypto exchanges, it is making strides in other areas. In April 2024, Hong Kong launched its first Bitcoin and Ether ETFs, marking a step forward in regulatory progress.
Singapore’s steady expansion of its crypto ecosystem positions it as a critical player in shaping the future of digital finance in Asia.
