Singapore advanced its push to become a digital assets hub in 2024, outpacing Hong Kong, which has struggled to gain momentum. Singapore issued 13 crypto licences, more than doubling the previous year’s count, attracting major players like OKX, Upbit, Anchorage, and BitGo. Hong Kong’s slower licensing regime approved seven platforms, with provisional permits for another seven, but prominent exchanges OKX and Bybit withdrew applications. Singapore and Hong Kong are vying for digital-asset firms with regulatory sandboxes and tokenisation projects. Singapore’s supportive framework is seen as fostering innovation and collaboration, while Hong Kong’s stricter policies and limited token trading options deter some firms. China’s crypto ban and differing risk profiles add to the dynamics. Singapore’s initiatives, including Project Guardian, underline its lead in asset tokenisation and institutional engagement.