Tighter restrictions on cryptocurrency usage in China have prompted leading storage service platform RRMine Global to close its mainland China operations and move its headquarters to Singapore.
See related article: China has seen blockchain’s future and it doesn’t include cryptocurrencies
Fast facts
- “As Singapore has been one of the world’s most open economies for a long time and has been touted as a welcoming hub for crypto businesses and activities, it has directly opened the path for China’s crypto businesses to consider it as a hub for them to relocate to,” RRMine said in a statement on Tuesday.
- The company’s decision was “solidified” as China’s Web 3.0 strategy was going in a “different direction”.
- While China is enthusiastic about blockchain technology, it banned the use of cryptocurrencies last year.
- Singapore has announced plans to become a “responsible” crypto hub of Southeast Asia, although it discourages the general public from trading in the asset class.
- “The decision has been made after a profound examination and multiple discussions, and it has not been easy to come back from a downfall, especially when RRMine Global has continuously provided services to all its users globally without fail despite all the events that happened,” said Steve Tsou, Global CEO of RRMine Global.
- RRMine Global also announced ‘R-Datacap Storage’, an upgraded service to reduce operational costs, boost yield effectiveness and drive the Filecoin incentive plan, the statement said.
See related article: Singapore’s MAS says needs to do better job explaining crypto policy