In 2024, Singapore has emerged as Asia’s leading digital asset hub, surpassing Hong Kong due to its regulatory efficiency and appeal, issuing 13 crypto licenses compared to Hong Kong’s seven. While Singapore fosters innovation through initiatives like Project Guardian, Hong Kong’s stringent regulations hinder growth, prompting exchanges to shift focus.
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0 posts last weekChina’s OTC Crypto Brokers Raise 75 Billion Amid Regulatory Challenges
Over-the-counter (OTC) crypto desks in China have attracted $75 billion in funding over the past nine months, despite the government’s ban on crypto trading and mining. Traders are increasingly using OTC and peer-to-peer methods to circumvent regulations, with 55% of transactions exceeding $1 million. Experts suggest that as long as the regulatory environment remains unfavorable, these services will likely continue to thrive, even as authorities struggle to enforce compliance on international payments.
read moreHong Kong Approves Bitcoin and Ethereum ETFs, Signaling Crypto Ambitions
Hong Kong has approved Bitcoin and Ethereum ETFs, positioning itself as a crypto finance leader and diverging from China’s strict regulations. The ETFs aim to simplify crypto investing and attract significant investments to Hong Kong, with pending technicalities before their official launch. This move has sparked optimism for potential inclusion of mainland Chinese investors in the future.
read moreSingapore Broadens Regulatory Framework for Crypto Service Providers
The Monetary Authority of Singapore is expanding its regulatory framework for crypto service providers, with amendments to the Payment Services Act aimed at enhancing user protection and safeguarding financial stability. The changes will cover custodial services for digital payment tokens, facilitation of token transmission, and cross-border money transfers. The MAS will have the authority to impose requirements related to anti-money laundering, countering the financing of terrorism, user protection, and financial stability on DPT service providers. Transitional arrangements will be provided for affected entities, with guidelines for consumer protection measures set to come into effect on October 4.
read moreSingapore Tightens Regulations on Crypto Sector to Protect Consumers
The Monetary Authority of Singapore is implementing new regulations under the Payment Services Act to oversee digital payment token services, including custody and international transfers. These changes aim to enhance anti-money laundering measures, user protection, and financial stability. The amendments reflect Singapore’s commitment to establishing a robust policy framework for the cryptocurrency industry, prioritizing customer welfare and addressing potential risks. From October 4th, the guidelines will be in operation. Angela Ang, a former MAS regulator, praised the move for providing clarity on crypto custody services in Singapore.
read moreSingapore Expands Digital Asset Regulations to Enhance User Protection
Singapore has expanded its digital asset regulations to cover custody of tokens and a wider range of firms involved in fund transfers, aiming to promote user protection and financial stability. The amendments to the Payment Services Act will come into effect in stages starting from April 4, 2024, imposing requirements related to anti-money laundering and countering the financing of terrorism on digital payment token service providers. The changes also include transitional arrangements for entities currently conducting activities falling under the expanded scope.
read moreHong Kong’s Crypto Exchange Licensing and Regulatory Policies: A Litmus Test
Hong Kong has closed applications for crypto exchange licenses, receiving 22 from companies like OKX and Bybit, but major players like Binance and Coinbase did not apply. The Securities and Futures Commission has mandated unlicensed exchanges to shut down by May 31, 2024, emphasizing the need for investors to transition to licensed platforms. Despite China’s anti-crypto stance, Hong Kong aims to become a crypto hub, with regulatory policies and licensing playing a crucial role in this vision. Additionally, Hong Kong has initiated restrictions on OTC providers involved in illicit crypto trade to combat money laundering, terrorism financing, and fraud.
read moreMAS Proposes Less Restrictive Measures for Cryptocurrencies, Shows Willingness to Consider Industry Feedback
The Monetary Authority of Singapore (MAS) is moving forward with its proposals on retail trading regulations, showing a willingness to consider industry feedback. While maintaining a consistent stance against speculative trading, MAS has made some adjustments, such as including cryptocurrencies in determining customers’ net worth. This demonstrates their responsiveness to the evolving landscape of digital assets.
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