Singapore is rapidly establishing itself as a leading hub for cryptocurrency and blockchain innovation in Asia. In 2024, the Monetary Authority of Singapore (MAS) issued 13 Major Payment Institution (MPI) licenses to crypto exchanges, more than doubling the four licenses granted in 2023 to companies such as Blockchain.com, Coinbase, Crypto.com, and Ripple.
This proactive regulatory approach has attracted a significant influx of Web3 startups to the city-state. Singapore’s clear and supportive regulations, coupled with its robust financial infrastructure, have created an environment conducive to blockchain innovation. The country now leads globally in blockchain patents, industry employment opportunities, and the number of cryptocurrency exchanges.
Industry experts highlight Singapore’s “risk-adjusted” regulatory framework as a key factor in its appeal. By focusing on major digital currencies and facilitating seamless interactions between new crypto firms and local banking partners, Singapore offers advantages that are considered a luxury in other parts of the world.
In contrast, Hong Kong, which has traditionally been a major financial center in Asia, has taken a more cautious stance tcy regulation. This divergence has led to a shift in the regional crypto landscape, with Singapore emerging as the preferred destination for blockchain enterprises seeking a supportive and progressive regulatory environment.
