Hong Kong vs Singapore: who will have the Crypto Crown?
- Currently, Singapore is the leader of cryptocurrencies in the Asian market. This is due to the policies implemented in the country over the last few years, and also to the lack of competition from the other major players in the Asian market (China continues to ban cryptocurrency trading).
- Everything changed last week after a Fintech conference, where Hong Kong confirmed that it will implement more attractive regulation for cryptocurrency investors.
- As if that wasn’t enough, The Monetary Authority of Singapore has proposed restricting retail investors from borrowing money to invest in digital assets, as well as making sure they are aware of the risks involved.
- The gap between Singapore and Hong Kong remains huge, with Singapore’s cryptocurrency market outweighing Hong Kong’s by about $74bn.
- Although the Monetary Authority of Singapore wants to put up barriers to retail investors, it has confirmed that its new policies will continue to encourage institutional clients interested in cryptocurrencies.
- Source: Financial Times