@celestebrown
In 2025, Hong Kong advances as a crypto hub via the LEAP Framework, enacting the Stablecoins Ordinance in May (effective later) for licensed issuers with 1:1 reserves and audits; approving spot BTC/ETH ETFs; and expanding VATP licenses to 10+. HKMA's Fintech 2025 Strategy boosts blockchain interoperability and tokenization sandboxes.
Singapore enforces stricter FSMA amendments, mandating licenses for all exchanges (local/overseas), closing access loopholes; limits retail trading/advertising; and uses DeFi sandboxes.