Golden Finance reported that according to Bloomberg, Singapore issued 13 cryptocurrency licenses to a series of cryptocurrency operators in 2024, including OKX and Upbit, as well as Anchorage, BitGo and GSR. This number is the number of licenses approved last year. In comparison, the processing speed of similar approval systems in Hong Kong is much slower. The analysis pointed out that both Hong Kong and Hong Kong are competing to attract virtual asset companies to their markets through special systems, tokenization projects and regulatory sandboxes, but the progress is uneven. Hong Kong's exchange regulatory system has failed in many important aspects. More stringent measures, such as custody of client assets and token listing and delisting policies, could benefit Singapore’s appeal.