Singapore Becomes World Leader in Blockchain and Cryptocurrency Exchanges

Singapore has further strengthened its position as a key destination for Web3 companies by issuing twice as many crypto licenses in 2024 as it did the previous year. Thanks to an innovation-friendly regulatory climate and clear guidelines, Singapore appears poised to become Asia’s next major crypto hub. A spokesperson stated the following:

“Singapore follows a risk-based approach to crypto regulation, focusing on the largest digital assets to protect investors. Moreover, the country provides easy access to local banking partners for crypto companies, which is rare elsewhere.”

World leader in blockchain

Singapore has become a world leader in blockchain, in terms of blockchain patents, jobs, and crypto exchanges in the country, according to a study by ApeX Protocol in December.

The study found that Singapore is home to 1,600 blockchain patents, 2,433 industry-related jobs, and 81 crypto exchanges. These are impressive numbers for a country with less than 6 million inhabitants.

The study ranked Hong Kong second, with 890 blockchain patents, 1,163 related jobs, and 52 cryptocurrency exchanges.

Doubling of crypto licenses

According to local media, the Monetary Authority of Singapore (MAS) issued 13 Major Payment Institution (MPI) licenses to crypto exchanges in 2024, more than double the four full licenses in 2023. Among the licensed companies in 2023 were prominent names such as Blockchain.com, Coinbase, Crypto.com, and Ripple. According to Mouloukou Sanoh, co-founder and CEO of MANSA:

“With clear regulations and support for innovation, Singapore attracts top companies and talent. This promotes a thriving ecosystem and underscores the commitment to digital finance, in contrast to Hong Kong’s more cautious approach.”

Competition with Hong Kong

While Singapore is making progress, Hong Kong remains active in the crypto space. It has seven fully licensed crypto exchanges and approved the first Bitcoin (BTC) and Ether ETFs in April 2024, which were traded at the end of April.

Nevertheless, thanks to its proactive policy and growing ecosystem, Singapore seems to have an edge as a leading destination for Web3 and blockchain innovation in Asia.