According to online reports, 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 figure is twice the number of licenses issued last year. In comparison, the processing speed of similar approval systems in Hong Kong is much slower. The analysis pointed out that both Singapore and Hong Kong are competing to attract virtual asset companies to their own markets through special systems, tokenization projects and regulatory sandboxes, but the progress is uneven. Hong Kong's exchange supervision system is stricter in many important aspects., such as the custody of customer assets and token listing and delisting policies, which may be conducive to Singapore's attractiveness.