Singapore Retreat From Retail Crypto Sector Opens Way for Rivals

The city-state was buffeted by blowups amid this year’s crypto rout, such as at Three Arrows Capital hedge fund and crypto lender Hodlnaut. Photo: Bloomberg

(Bloomberg) — Asia may be heading for a reordering of sorts in cryptocurrency markets, with Hong Kong moving to legalize retail trading of digital tokens just as Singapore looks to impose fresh restrictions on consumers.

Speaking in an interview with Bloomberg Television, Singapore’s central bank chief Ravi Menon had a clear message for other financial centers looking to draw retail crypto trading away with more relaxed rules: We won’t stand in your way.