Singapore has emerged as the leading digital asset hub in Asia, surpassing its rival Hong Kong. The Monetary Authority of Singapore (MAS) granted licenses to 13 virtual asset service providers (VASPs) in 2024, including exchanges Gemini, OKX, Upbit, liquidity provider GSR, 'crypto' bank Anchorage, and custodian BitGo. The MAS plans to continue providing regulatory clarity and refining its framework to support adoption and innovation. Singapore has been proactive in addressing 'crypto' crimes, focusing on money laundering and consumer protection. Recently, it has been emphasizing stablecoins and tokenization, in line with global efforts to regulate stablecoins. Singapore's risk-adjusted approach, favorable to both retail and institutional players, and its ease of interaction with local banking partners have set it apart from other financial hubs. The country has been at the forefront of tokenization advancements, spearheading research under Project Guardian. However, caution is still necessary, as Singapore has witnessed major 'crypto' collapses in the past.



Other News from Today