Cloud Hosting

One of Asias preeminent crypto hubs in Singapore, while another is Hong Kong. Additionally, both cities have recently been home to a large number of multinational crypto enterprises. According to sources, managing partner Annabelle Huang of Amber Group stated that the business kept one of its largest offices in Hong Kong. It is getting ready to apply for the new virtual asset trading platform (VATP) license from the city. There is no doubt that Singapore and Hong Kong are Asias crypto hubs as they have different approaches to regulating cryptocurrency assets. Singapores low licensing requirements first drew cryptocurrency companies there. However, the Monetary Authority of Singapore (MAS) has recently adopted a much stricter stance against trading platforms.The MAS specifically forbids cryptocurrency exchanges from advertising or promoting their services to the general public.

This year, the MAS has put up further regulations that would prevent individual investors from accessing specific cryptocurrency offerings. These would stop investors from taking out loans to buy cryptocurrencies. Additionally, they would outlaw businesses from lending or staking their coins to earn returns. However, interest in cryptocurrencies is still high in Singapore despite the financial regulators sometimes paternalistic attitude.

Meanwhile, Hong Kong has established a legal framework for the establishment of cryptocurrency exchanges with the VATP license. The new regulations will require exchanges to register with the Securities and Futures Commission (SFC) rather than outright forbid any particular operations. Platforms with an SFC license could only assist professional investors under the previous system.

Singapore and Hong Kong might draw the greatest attention from overseas. Other Asian markets, though, are developing their crypto ecosystems away from the larger centers. By purchasing the cryptocurrency exchange DeCurret last year, Amber Group established a presence in Japan.

Link:
Hong Kong and Singapore are Asia's Preeminent Crypto Hubs - Analytics Insight