Asia's Crypto Push: Singapore, Hong Kong Lead with 40 Licenses Issued
1min read Several Asian countries, including Vietnam, Singapore, Thailand, and others, are taking significant steps to establish a comprehensive legal framework for the crypto sector. With a large user base and increasingly clear regulatory frameworks, Asia is emerging as a promising region for the industry in 2025.
Several Asian countries, including Malaysia, Thailand, Japan, South Korea, and Vietnam, have been reviewing changes and issuing crypto-related policies. Singapore and Hong Kong are leading the way in establishing clear legal frameworks to attract investment and innovation. Singapore has granted 30 companies “Major Payment Institution—MPI” licenses related to digital payment tokens, ensuring a secure and responsible crypto ecosystem. Hong Kong has issued 10 companies “Virtual Asset Trading Platform Licenses” and is accelerating crypto licensing with the approval of 4 new exchanges.
Vietnam is also hastening efforts to finalize its legal framework before the end of March. The Ministry of Finance has been requested to urgently finalize a pilot resolution to regulate activities related to virtual and tokenized assets before March 13, 2025. Thailand has recently approved and permitted USDT to be traded domestically, with updated regulations to enhance flexibility for digital asset businesses taking effect on March 16, 2025.
Asia ranks among the top regions in terms of developer market share. Several Asian countries are currently among the leaders in cryptocurrency ownership rates, with Singapore holding the top position, followed by Thailand, Vietnam, Malaysia, and others. While Singapore and Hong Kong are making significant strides, some countries still lack a unified legal framework, which challenges regional cooperation and prevents illegal activities such as money laundering.
A clear legal framework would attract more global companies to Asia. The case of el Salvador serves as an example, as Tether officially relocated its headquarters to take advantage of favorable legal corridors. However, a fully developed legal corridor also creates barriers for small or less transparent projects. Projects like pi Network have raised concerns about transparency, with Singapore’s Interior Minister warning citizens to avoid cryptocurrencies.
If successful, Asia could surpass the United States and Europe to become the global cryptocurrency hub, thanks to progressive regulations and a dynamic market. The region's potential in the crypto sector is evident, with a large user base and increasingly clear regulatory frameworks. However, challenges remain, including the need for a unified legal framework and the prevention of illegal activities. Despite these challenges, Asia's progress 
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