Hong Kong poised to benefit from Singapore’s ‘crypto crackdown’: report
2025-07-04 07:50:44
Main Idea
Hong Kong is emerging as a global crypto hub as Singapore cracks down on unlicensed crypto firms, with regulatory advancements attracting more platforms and firms to Hong Kong.
Key Points
1. Singapore is intensifying its crackdown on unlicensed crypto firms, with a deadline set for June 30.
2. Hong Kong is making regulatory advancements to attract crypto firms, positioning itself as a global crypto hub.
3. By the end of 2024, Hong Kong was reportedly lagging behind Singapore in the number of crypto firms but is now gaining traction.
4. Major firms like JD.com, Animoca Brands, and Ant Group are seeking stablecoin issuer licenses in Hong Kong.
5. The regulatory shift in Hong Kong is leading to a 'region-wide game of FATF musical chairs,' with firms avoiding Singapore's stricter environment.
Description
Analysts say that Hong Kong could gain the upper hand in its expansion into a global crypto hub in the wake of Singapore’s regulatory crackdown on unlicensed firms in the region. A recent report by the South China Morning Post revealed that the special administrative region’s web3 industry could see more crypto firms migrating to the region after Singapore closes its doors to offshore actors operating without a license. Analysts believe that the move could even lead to a boost in liquidity for H...
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