SINGAPORE: Asia may be heading for a reordering of sorts in cryptocurrency markets, with Hong Kong moving to legalize retail trading of digital tokens just as Singapore looks to impose fresh restrictions on consumers.
Hong Kong and Singapore’s diverging approaches to retail crypto trading leave exchange executives facing some potentially crucial decisions. Coinbase Global Inc and Crypto.com are among global exchange operators that this year secured Singapore permits. There are now only 16 permit holders out of nearly 200 applicants.
“Singapore is getting a bit uncommercial for crypto exchanges by being over cautious on retail participation,” said Adrian Przelozny, chief executive officer of Sydney-based Independent Reserve. “Any decision to choosing a jurisdiction to do business is guided by two principles -- if it will earn profit for me and do I trust that the rules won’t change in that jurisdiction. It is hard to have confidence to invest if rules keep changing.”
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