'Risk-adjusted' regulations will make Singapore Asia's next crypto powerhouse.

Par HuangSenyan

Singapore is positioned as a developing hotspot for blockchain innovation because of its crypto-friendly laws and 2024 license doubling.

After issuing twice as many cryptocurrency licenses in 2024 as it did the year before, Singapore is emerging as a major location for Web3 businesses.

William Croisettier, chief growth officer of ZKcandy, believes that Singapore's innovation-friendly legislative framework might make it the next big cryptocurrency powerhouse in Asia.

He stated to Cointelegraph:

In order to safeguard investors, the nation takes a risk-adjusted approach to crypto regulation, concentrating on the largest virtual currencies. Additionally, Singapore facilitates communication between new cryptocurrency companies and local banking partners, a feature that is regarded as a luxury in other regions of the world.

According to a December research study by ApeX Protocol, Singapore has become a global leader in blockchain with regard to blockchain patents, employment, and cryptocurrency exchanges in the nation.

A ranking of the top blockchain jurisdictions based on patents, jobs and exchanges.

The output is: According to the research, Singapore is home to 81 cryptocurrency exchanges, 2,433 jobs associated with the industry, and 1,600 blockchain patents. For a nation with fewer than 6 million people, these are impressive figures.

With 52 bitcoin exchanges, 1,163 related jobs, and 890 blockchain patents, Hong Kong was placed second in the survey.

Related: 3 Crypto Forecasts for 2025: AI Trading, SOL ETFs, and Emerging

Risks

In 2024, Singapore granted 13 MPI crypto licenses.

In 2024, Singapore issued twice as many digital asset licenses annually.

According to local media, the Monetary Authority of Singapore (MAS) granted 13 Major Payment Institution Licenses for cryptocurrency exchanges in 2024—more than twice as many as in 2023.

Four complete MPI licenses were granted by Singapore to Blockchain.com, Coinbase, Crypto.com, and Ripple in 2023.

The CEO and co-founder of MANSA, Mouloukou Sanoh, stated that these licenses might further cement Singapore's position as a worldwide blockchain pioneer.

Singapore draws top companies and people due to its clear regulations and encouragement for innovation, which creates a thriving environment. In contrast to Hong Kong's more conservative approach, this proactive strategy shows a strong commitment to digital finance.

Related: Record Binance stablecoin reserves help Bitcoin reach $120,000 in January.

On the other hand, Hong Kong, Singapore's nearest rival, is home to seven fully authorized cryptocurrency exchanges.

Nevertheless, Hong Kong is making strides in other areas of regulation. The first Bitcoin $96,957 and Ether $3,459.88 ETFs were authorized by Hong Kong in April 2024, and they began trading on April 30th, according to Cointelegraph.

The above content is based on the article by William Suberg from

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Based on the article from Cointelegraph, the discussion about Singapore’s cryptocurrency licensing and regulatory framework reflects the country’s efforts to foster a transparent and well-ordered market while promoting blockchain and Web3 technologies. Singapore's cryptocurrency license policy aims to attract leading global blockchain and Web3 companies while ensuring the security and stability of the financial system.

Singapore’s Cryptocurrency Regulatory Policy

Singapore has long been regarded as one of the global leaders in cryptocurrency and blockchain technology. The government’s introduction of the Payment Services Act (PSA) has provided a clear regulatory framework for cryptocurrency and other fintech companies. These measures are designed to promote innovation while mitigating financial crimes and protecting consumers.

According to the latest policies, the Monetary Authority of Singapore (MAS) issues licenses to cryptocurrency exchanges, wallet services, and other digital asset providers, ensuring they comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. While Singapore’s regulatory measures are relatively strict, they offer a transparent and secure environment for blockchain companies to operate, making the country an important hub in the global cryptocurrency market.

Attracting Global Crypto Companies

As mentioned in the article, Singapore’s policies have attracted numerous international blockchain companies to establish a presence there. In addition to having a favorable regulatory environment, Singapore boasts a well-developed financial market and a stable legal system, making it an ideal location for many cryptocurrency and Web3 companies to expand their businesses. This is especially true as many countries around the world adopt stricter or even outright bans on cryptocurrency, while Singapore’s policies appear to be more welcoming.

With continued investment in blockchain technology and regulatory developments, Singapore aims to become a leading global blockchain hub. The implementation of these policies has helped Singapore solidify its position as a leader in the global cryptocurrency industry.