Crypto attitudes are polarized: Singapore and Hong Kong are tightening regulations wildly, while the US continues to loosen them?

Singapore and Hong Kong, as financial centers in Asia, have significantly tightened their crypto regulations in recent years.

Singapore's MAS relies on the 2019 Payment Services Act (PSA) to implement strict regulation on digital payment token (DPT) services, such as requiring exchanges to obtain licenses, strengthening anti-money laundering (AML) and customer identity verification (KYC).

The latest developments at the beginning of 2025 indicate that MAS is even considering more detailed compliance requirements, such as setting limits on the issuance of stablecoins.

In Hong Kong, the LEAP framework launched at the end of June has promoted the licensing of stablecoins and asset tokenization, but it has also simultaneously strengthened the SFC's regulation of trading platforms and custody services. Both regions tend to "prevent problems before they arise," especially in preventing fraud and market manipulation.

In contrast to the United States, Gate US has obtained licenses from 23 states and launched spot trading, demonstrating a form of "decentralized openness." Currently, there is no unified federal framework in the U.S.; each state formulates its own policies, such as Florida's fintech sandbox or Illinois's blockchain legislation, providing crypto enterprises with more room for experimentation.

This "state-level experimental field" model allows the United States to find a balance between compliance and innovation, especially gaining an advantage in attracting global capital and talent.

This time, Gate obtaining the license also represents further expansion towards global compliance. It seems that the upcoming funds are likely to flow wildly into the open US market.