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Singapore is cracking down on crypto exchanges, while Hong Kong unveiled a new legal framework to encourage investment. Hong Kong may have an opportunity to attract crypto investment from across the region.

China is also liquidating seized assets, potentially giving Hong Kong-based firms an opportunity to buy these products cheaply. Still, Singapore is continuing to issue some exchange licenses, and fears of capital flight may be overblown.

Hong Kong and Singapore’s New Regulations

Although Singapore has maintained an image as a crypto-friendly country, some recent regulations aimed at exchanges may be changing the equation.

Its new, tougher guidelines took effect this week, possibly creating obstacles to the nation’s industry. However, Hong Kong could be poised to take Singapore’s place as a regional crypto hub.

On the surface, Hong Kong seems like a strange choice to replace Singapore. Sure, it approved Bitcoin ETFs, but China’s hostility to crypto is quite well-established.

However, the city could benefit from a few recent developments. Hong Kong passed new stablecoin laws while China is liquidating seized tokens, potentially creating a window for firms to acquire new assets:

“These moves are intimately connected, forming a strategic blueprint that could redefine Hong Kong’s role in the global virtual asset ecosystem. This is likely to attract quality projects looking for a compliant, liquid, and globally connected base,” Joshua Chu, a lawyer and co-chair of the Hong Kong Web3 Association, told local media.

Singapore’s new regulation aims to severely crack down on unregistered exchanges and make the licensing process more difficult.

The government is taking a harsh view on crypto crime, with cabinet ministers warning citizens to stay away from the industry entirely. That doesn’t seem good for long-term growth.

In other words, Singapore may have a head start in terms of crypto licenses, but Hong Kong has been accelerating approvals.

Last week, Hong Kong unveiled its new LEAP framework, explicitly aimed at encouraging crypto investment. If these two cities both continue their ongoing trends, a realignment seems plausible.

Still, there are many contingent factors, and this move is by no means guaranteed. Singapore may have stricter licensing requirements, but it is nonetheless approving some requests.

Earlier this week, Robinhood’s BitStamp platform announced that it obtained such a license under the new rules. Major firms are still making fresh expansions into Singapore.

In short, a lot of things are still up in the air. Hong Kong may take some of Singapore’s market share, but this switch might never materialize. Ideally, both cities will remain regional crypto hubs, each contributing to the global ecosystem.

The post Could Hong Kong Replace Singapore as a Regional Crypto Hub? appeared first on BeInCrypto.

Solana’s meme coin creation platform Pump.fun has continued its transfer of SOL tokens. The platform recently transferred 196,370 SOL, worth approximately $25.3 million, to the Kraken exchange.

Additionally, Pump.fun’s daily fee revenue dropped from around 12,000 SOL, or $2 million per day, in February 2025 to less than 1,000 SOL, or $100,000 per day, in March, a 95% drop.

Pump.fun Transfers SOL to Kraken

According to EmberCN, the recent 196,370 SOL transfer consisted of two main transactions of 78,000 SOL and 118,370 SOL.

“The SOL that PumpFun transferred to Kraken today is only a small portion of the fee income from the past three weeks. In addition, there are 120,000 SOL that PumpFun redeemed as pledged SOL,” EmberCN reported.

As of January 2025, Lookonchain reported that Pump.fun had transferred 1.56 million SOL to Kraken. With SOL prices ranging from $180–$200 in Q1, this amount was valued between $281 million and $313 million. With the latest transfer, the total SOL sent to exchanges now reaches approximately 1.76 million SOL, worth around $219 million at current prices.

Declining Revenue at Pump.fun

Moreover, EmberCN further highlighted that in February 2025, Pump.fun’s daily fee revenue averaged 12,000 SOL per day or approximately $2 million per day. However, as of March 2025, revenue has dropped below 1,000 SOL per day, marking a 95% decline.

Previously, Dune Analytics data showed that Pump.fun generated 72,506 SOL in revenue on January 1, 2025, a 30% increase from its previous peak of 55,000 SOL in November 2024.

Pump.fun’s cumulative fee revenue is estimated to be nearly $600 million at the time of writing. A portion of this revenue appears to have been moved or sold.

The drastic fee decline is likely due to fading interest in meme coins. The meme coin craze on Solana peaked in late 2024 and early 2025. However, recent token performance on Pump.fun has failed to meet expectations. Only a small percentage of Pump.fun tokens reach wider markets like Raydium.

Previously, Pump.fun also contributed to the market boom by creating over 600,000 new tokens in January 2025. However, competitive platforms like Four.meme have captured community interest, despite suffering from hacks. Over the past 24 hours, six tokens launched on Four.meme have exceeded a $1 million market cap, while only one token on Pump.fun reached that threshold.

Moreover, according to EmberCN, PvP trading enthusiasm in SOL has plummeted, reducing transaction volume on Pump.fun.

The 95% revenue drop from February to March 2025 signals a potential downturn. Pump.fun’s heavy reliance on meme coins makes it vulnerable to market shifts. Meme coin market capitalization has dropped substantially, signaling a possible end to the “supercycle” of explosive growth. The ongoing SOL transfers to Kraken could indicate sales preparations, potentially putting downward pressure on SOL prices.

At the time of BeInCrypto’s report, SOL price is trading at $124.05.

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