Architectural Concept Design Collection

  • CONTACT
  • MARKETCAP
  • BLOG
Finances Investing and Crypto News
  • BOOKMARKS
  • Finance
  • Investment
  • Crypto
    • Bitcoin
    • Blockchain
    • Ethereum
    • Forex
    • Tether
  • Market
    • Binance
    • Business
    • Investor
    • Money
    • Trading
  • News
    • Mining
    • NFT
    • Stocks
Reading: Hong Kong poised to benefit from Singapore’s ‘crypto crackdown’: report
Share
  • bitcoinBitcoin(BTC)$108,164.39
  • ethereumEthereum(ETH)$2,517.54
  • tetherTether USDt(USDT)$1.00
  • rippleXRP(XRP)$2.22
  • binancecoinBNB(BNB)$655.99
  • solanaSolana(SOL)$147.27
  • usd-coinUSDC(USDC)$1.00
  • tronTRON(TRX)$0.283702
  • dogecoinDogecoin(DOGE)$0.164274
  • cardanoCardano(ADA)$0.57
Finances Investing and Crypto NewsFinances Investing and Crypto News
0
Font ResizerAa
  • Finance
  • Investment
  • Crypto
  • Market
  • News
Search
  • Finance
  • Investment
  • Crypto
    • Bitcoin
    • Blockchain
    • Ethereum
    • Forex
    • Tether
  • Market
    • Binance
    • Business
    • Investor
    • Money
    • Trading
  • News
    • Mining
    • NFT
    • Stocks
Have an existing account? Sign In
Follow US
© Foxiz News Network. Ruby Design Company. All Rights Reserved.
Finances Investing and Crypto News > Blog > Crypto > Hong Kong poised to benefit from Singapore’s ‘crypto crackdown’: report
Crypto

Hong Kong poised to benefit from Singapore’s ‘crypto crackdown’: report

admin
Last updated: 04/07/2025 3:35 Chiều
admin
Published 04/07/2025
Share


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 Hong Kong’s crypto sector.

As Singapore moves to double-down on unlicensed crypto firms through the deadline set on June 30, Hong Kong has been making regulatory advancements to further facilitate the sector. This is most evident in its latest Stablecoin Ordinance bill, which will come into effect at the start of August.

Although the region is no less stringent on enforcing crypto licenses on firms that wish to operate locally compared to Singapore, co-chair of the Hong Kong Web3 Association Joshua Chu highlighted the shift in global trends which will lead to the selective nature of “weeding out bad actors.”

This means that more crypto projects and platform will be forced to comply to local regulations one way or another if they wish to keep operating in the region. With Singapore’s crypto crackdown, more platforms will seek to be regulated.

“In the current climate, regulatory actions across Asia are best understood as a region-wide game of ‘FATF musical chairs’, and nobody wants to be left standing when the music stops,” said Chu, referring to the Financial Action Task Force or FATF.

By the end of 2024, Hong Kong was reportedly falling behind compared to Singapore with regards to the number of crypto licenses being issued. However, recent regulatory moves have brought the special administrative region into the spotlight as it seeks to further accommodate and grow itself into a crypto hub.

Consultant at fintech-focused consultancy Prosynergy, Christie Liu, said that Hong Kong should seize the opportunity to get ahead by taking proactive steps to create more welcoming virtual asset legislation to entice the more firms from the crypto industry.

“By fostering an innovative regulatory environment, the region can attract new investment and ensure it remains competitive on the global stage,” said Liu.

Recently, crypto and financial technology firms like JD.com, Animoca Brands and Ant Group have been vying for stablecoin issuer licenses in Hong Kong as it anticipates a new wave of HK dollar-pegged stablecoins that will come after the Ordinance bill comes into effect.

You Might Also Like

Bitcoin faces key support test at $108k amid $211m in liquidations: analysts

Here’s why HFT crypto is rising beyond 100% today

Coinbase eyes Wall Street’s turf with tokenized stocks, if the SEC allows it

Can Tron price surge 60% and revisit December highs?

Base Chain transactions surge as DEX volume nears $400b

TAGGED:benefitcrackdowncryptoHongKongpoisedReportSingapores

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Email Copy Link Print
Previous Article U.S. House declares July 14 ‘Crypto Week’ in advance landmark digital asset legislation
Next Article Bo Hines predicts U.S crypto industry will skyrocket to $20t in value after stablecoin bill passes
Leave a Comment

Để lại một bình luận Hủy

Email của bạn sẽ không được hiển thị công khai. Các trường bắt buộc được đánh dấu *

Follow US

Find US on Socials
FacebookLike
- Advertisement -
Ad image
Popular News
Will SOL rally to $200?
Emergency Funds: Importance and How to Build One
Debt Management: Strategies to Pay Off Debt Efficiently
Riot Platforms unloads 475 BTC in its biggest single-month Bitcoin sale to date
Revolut partners with Lightspark to add Bitcoin Lightning for UK and EEA users
- Advertisement -
Ad image

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Youtube Telegram Linkedin
Finances Investing and Crypto News

FICN.net brings you the latest in finance, investment, and crypto. Stay informed with expert insights, market analysis, and beginner guides. Whether you're new or experienced, FICN.net helps you explore opportunities, manage risks, and make smarter financial decisions in a fast-changing world.

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Ad image
© 2024 Finance, Investment, and Crypto News. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?