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Singapore’s strict Digital Token Service Provider (DTSP) regulations, effective June 30, have forced hundreds of unlicensed Web3 firms to relocate. Key impacts include:
Compliance exodus: Projects like Bitget and Bybit are expanding operations in Hong Kong, which recently approved three stablecoin licenses and legalized OTC crypto trading .
RWA opportunities: Hong Kong’s Ensemble sandbox now supports tokenized green bonds and 贵金属 (gold/platinum), with Hashkey Group’s physical gold ETF seeing $200M AUM .
Regulatory clarity: Unlike Singapore’s ambiguous policies, Hong Kong’s SFC has published detailed guidelines for VASP licensing and RWA compliance, attracting Southeast Asian enterprises
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