Hong Kong and Singapore: What it takes to be a leading crypto hub

MUCH ink has been spilled over the impending competition between Hong Kong and Singapore to be Asia’s cryptocurrency hub.

A recent article in the Financial Times was provocatively titled “Hong Kong takes on Singapore for Asia’s crypto crown”, while the South China Morning Post declares that “Singapore’s tighter cryptocurrency rules open sector to Hong Kong, other Asian rivals”. One reason for the perceived rivalry was that both cities were hosting fintech conferences around the same time, earlier this month (November).

While it is always tempting to conceive of a head-to-head competition between Hong Kong and Singapore, the reality is a little more complex.