{"id":129555,"date":"2025-05-19T15:15:46","date_gmt":"2025-05-19T15:15:46","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129555"},"modified":"2025-05-19T15:15:46","modified_gmt":"2025-05-19T15:15:46","slug":"whos-got-the-charm-cash-and-code-to-be-a-crypto-hub","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129555","title":{"rendered":"Who\u2019s got the charm, cash and code to be a crypto hub?"},"content":{"rendered":"

Source: Cointelegraph.com NewsKazakhstan, the Maldives and Pakistan have recently outlined ambitions to position themselves as crypto hubs and build out their digital economies.
\nHistorically, these countries haven\u2019t been top of mind for global crypto firms \u2014 though Kazakhstan did have a brief moment in the spotlight as a go-to destination for Bitcoin (BTC) miners after China\u2019s mining ban.
\nMeanwhile, established financial centers are now in a race to become the world\u2019s leading crypto hub by finding the right balance of regulation, talent, capital and infrastructure.
\nHere\u2019s how five of them are backing their crypto dreams.
\nSingapore is the crypto hub with parental guidance
\nSingapore has long stood out as a financial hub, bolstered by its AAA credit rating, low corporate tax rates and pro-business regulations. With the emergence of digital assets, the Lion City is among the front-runners in the crypto hub race.
\nSingapore was among the early movers in crypto regulation. Its Payment Services Act (PSA) of 2019 \u2014 enacted in 2020 \u2014 was one of Asia\u2019s first comprehensive legal frameworks that covered crypto activities.\u00a0
\nThe PSA uses the term \u201cdigital payment token\u201d (DPT) to define digital representation of value that can be transferred, stored or traded electronically \u2014 like crypto.
\nAt the time of writing, there are 33 DPT service providers licensed by the Monetary Authority of Singapore (MAS), the city-state\u2019s central bank. Casper Johansen, co-founder of Singapore- and Hong Kong-based Spartan Group, said license approvals have moved at a measured pace, giving faster-moving hubs like Dubai room to catch up.
\n\u201cSingapore is more of an institutional financial hub than a retail financial hub,\u201d Johansen said, alluding to the city-state\u2019s limitations on crypto marketing to retail investors.
\nSingapore\u2019s retail crypto promotion ban includes social media influencer marketing and third-party websites. Source: Monetary Authority of Singapore\u201cThe ban on marketing to retail has not affected Singapore\u2019s position as a global crypto hub. Crypto firms set up in Singapore for the low and transparent taxes, strong regulatory framework and rule of law, world-class professional services, ease of living and global connectivity,\u201d Johansen added.
\nBut cracks have emerged recently, particularly around immigration and hiring policy. In late 2024, concerns flared when the CEO of blockchain analytics firm Nansen, Alex Svanevik, shared that he was denied permanent residency. The government has ramped up efforts to prioritize local hiring amid growing political sensitivity over foreign labor.
\nNansen CEO\u2019s permanent residency rejection highlighted Singapore\u2019s tight visa and immigration environment. Source: Alex SvanevikUAE rolls out the welcome mat for crypto hub status
\nUnlike other crypto hub contenders, Dubai has a dedicated digital asset regulator, the Virtual Assets Regulatory Authority (VARA).\u00a0
\nIts wide-ranging licensing regime provides clear guidelines \u2014 even for NFT platforms \u2014 which major economies like the European Union have yet to address. The EU\u2019s Markets in Crypto-Assets (MiCA) framework currently excludes NFTs.
\nVARA\u2019s clarity is appealing to companies frustrated by regulatory uncertainty elsewhere. Binance, a borderless exchange with no official head office, has had to rethink that model under global regulatory pressure \u2014 and the exchange\u2019s ties to the UAE have been growing.
\nRichard Teng, former CEO of free zone Abu Dhabi Global Market, took over as the CEO of Binance after Zhao, and has recently hinted that UAE is a strong candidate for the exchange\u2019s headquarters, though a decision hasn\u2019t been made yet.
\nBinance\u2019s first institutional investment is a $2-billion bet from Abu Dhabi-based MGX. Source: BinanceThe UAE also provides its own incentives, such as no personal income tax and free zones like the Dubai Multi Commodities Centre (DMCC) and Dubai International Financial Centre (DIFC) offer 0% corporate tax advantages and 100% foreign ownership.
\nRelated: The lessons learned at Operation Chokepoint 2.0 Congressional hearings
\nCrypto firms have reported easier access to banking services in Dubai, which is an improvement over the challenges companies say they\u2019ve faced in the US under \u201cOperation Chokepoint 2.0.\u201d
\nHong Kong makes crypto hub push with retail access and staking ETFs
\nHong Kong has long acted as a financial gateway to mainland China, where crypto activities like mining and trading remain banned.
\nPreviously, the city had a voluntary licensing regime, when only OSL and HashKey were licensed to serve institutions and professional investors. In Hong Kong, professional investors are legally defined as those with portfolios worth at least 8 million Hong Kong dollars (about $1 million).\u00a0
\nIt was later updated to the mandatory regime, launched in 2023, which opened the doors to retail.\u00a0
\nThe shift to mandatory licensing marked a turning point. OSL and HashKey became the first exchanges authorized to serve retail investors, while firms like Bybit and OKX withdrew their applications and exited the market. As of now, 10 platforms are licensed, while 15 have either withdrawn or been rejected.
\nEight applicants in Hong Kong still wait the SFC\u2019s decision. Source: Securities and Futures CommissionHong Kong has made further strides with the listing of Bitcoin and Ether (ETH) ETFs, and recently approved staking within Ether ETFs, which is not yet permitted in the US. It has also introduced stablecoin sandboxes under the supervision of the Hong Kong Monetary Authority to trial approved digital assets in a controlled environment.
\n\u201cSandboxes are an experiment, so too are staking ETFs,\u201d said Kelvin Koh, a Spartan Group co-founder. \u201cThe key point is that these experiments are happening in Hong Kong.\u201d
\nHong Kong recently released its ASPIRe roadmap in February 2025, which aims to foster blockchain innovation and fill regulatory gaps to set the city up as a global crypto hub.
\nHong Kong\u2019s five-pillar strategy to become a crypto hub. Source: Securities and Futures CommissionTrump 2.0 dreams of crypto hub
\nUS crypto firms were stuck in regulatory gridlock under the Securities and Exchange Commission formerly led by Gary Gensler, whose aggressive \u201cregulation by enforcement\u201d strategy triggered years-long legal battles.
\nThat changed with the inauguration of President Donald Trump, who has embraced a crypto-friendly stance. The SEC has since dropped multiple high-profile cases and investigations, including those against Coinbase, Uniswap and Consensys, signaling a shifting regulatory climate that is prepared to welcome back crypto to US soil.
\nPresident Trump declares the US the future capital of AI and crypto. Source: The White House
\nBinance.US resumed US dollar services in February after 18 months of restriction that followed enforcement action from the Commodity Futures Trading Commission, a $2.7-billion settlement and a four-month prison sentence for ex-Binance CEO Changpeng Zhao.
\nRelated: 8 major crypto firms announce US expansion this year
\nRival exchange OKX reentered the US market in April 2025 after a $500-million settlement with the Department of Justice. Also in April, Nexo announced \u2014 during an event with Trump\u2019s son in attendance \u2014 that it rekindled its American dream after scrapping it in 2022.
\nTraditional finance is warming up, with institutional investments flooding into Bitcoin and Ether spot ETFs, provided by some of the world\u2019s largest asset managers, including the $11.5-trillion giant BlackRock.
\nThe financial love affair goes both ways as crypto firms are also increasingly open to integrating into the existing US infrastructure.\u00a0
\nGalaxy Digital listed on Nasdaq on May 16, Circle is considering another IPO attempt, and Hong Kong\u2019s blockchain unicorn Animoca Brands is now eyeing a New York listing, citing Trump\u2019s stance on crypto.
\nNYC Mayor Eric Adams opens Wall Street to crypto. Source: Yedda Araujo\/CointelegraphThe world\u2019s largest financial center, New York City, is making its own move. Mayor Eric Adams said on May 12 that the Big Apple is \u201copen for business\u201d with crypto companies.\u00a0
\nUK\u2019s crypto hub push goes quiet, but London\u2019s still calling
\nIn 2023, then-Prime Minister Rishi Sunak launched a bold vision to make the UK a global crypto hub, pushing for stablecoins to be recognized as regulated payment instruments and outlining a broader framework to integrate crypto into the country\u2019s financial system.\u00a0
\nThat momentum translated into real movement: In April 2025, the UK Treasury released near-final legislation aimed at bringing crypto assets \u2014 like trading platforms, stablecoins and staking services \u2014 within the country\u2019s regulatory perimeter.
\nThe Financial Conduct Authority (FCA) is now consulting on how to regulate intermediaries, lending and other core parts of the ecosystem, signaling continued regulatory development.
\nBut while the machinery of regulation keeps turning, the political will has cooled. As Arvin Abraham, partner at law firm Goodwin\u2019s private equity group, told Cointelegraph, crypto was once central to Sunak\u2019s competitiveness agenda, but under the current Labour government, that focus has faded.
\nThe new Financial Services Growth and Competitiveness Strategy, spearheaded by Chancellor Rachel Reeves, highlights fintech as a priority without a focus solely on crypto.
\n\u201cThe UK does not feel like it\u2019s prioritizing it as much as it was a few years ago,\u201d Abraham said.
\nIn January, Andreessen Horowitz announced the closure of its UK office to move back to the US. Source: Anthony AlbaneseAbraham added the UK remains \u201cone of the best places to set up a new startup,\u201d especially for early-stage capital raising.\u00a0
\nHe points to generous tax incentives for angel investors and the unique convergence of finance and startups in London, calling it \u201cprobably one of the best cities in the world for fintech-type businesses.\u201d\u00a0
\nIn that sense, even without headline-grabbing crypto policy, the UK\u2019s structural appeal still draws Web3 firms \u2014 just now with a quieter backdrop.
\nMagazine: South Africa\u2019s digital-nomad crypto hub: Cape Town, Crypto City GuideRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsKazakhstan, the Maldives and Pakistan have recently outlined ambitions to position themselves as crypto hubs and build out their digital economies. Historically, these countries haven\u2019t been top of… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129555"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129555"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129555\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129555"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}