Mon. Oct 3rd, 2022

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”. 
  • 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

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