Singapore vs Hong Kong: crypto regulation compared

Side-by-side across all nine dimensions, each value linked to its primary government source.

Dimension	Singapore	Hong Kong
CBDC status	Pilot cbdctracker.org ↗	Pilot cbdctracker.org ↗
Legal status	Legal, with restrictions Monetary Authority of Singapore (MAS) — Financial Institutions Directory ↗	Legal, with restrictions Securities and Futures Commission (SFC) ↗
VASP licensing	Regime in force Monetary Authority of Singapore (MAS) — Payment Services Act ↗	Regime in force Securities and Futures Commission (SFC) ↗
Stablecoin rules	In force Monetary Authority of Singapore ↗	In force HKMA — Stablecoins Ordinance ↗
Tax treatment	Income Inland Revenue Authority of Singapore (IRAS) ↗	Income Inland Revenue Department (IRD) ↗
DeFi treatment	Addressed Monetary Authority of Singapore (MAS) ↗	Addressed Hong Kong Monetary Authority (HKMA) ↗
NFT classification	Addressed Monetary Authority of Singapore (MAS) ↗	Addressed Securities and Futures Commission (SFC) Hong Kong ↗
Mining policy	Addressed Inland Revenue Authority of Singapore (IRAS) ↗	Addressed Hong Kong Special Administrative Region Government (Inland Revenue Department) ↗
Enforcement intensity	High Monetary Authority of Singapore (MAS) ↗	High Securities and Futures Commission (SFC) of Hong Kong ↗