Singapore is outpacing Hong Kong in the competition to become the top cryptocurrency hub in Asia, thanks to its well-regulated environment. According to data, Singapore has approved over 100 cryptocurrency licenses this year, while Hong Kong has only granted two exchange licenses. The mature regulatory environment in Singapore has made it the primary hub for cryptocurrency companies, with prominent enterprises such as Binance and Coinbase setting up businesses there. In contrast, Hong Kong's new policies aimed at attracting cryptocurrency companies have received a lukewarm response. The Bloomberg article reports that Singapore is pulling ahead of Hong Kong in the race to become the top cryptocurrency hub.