Due to the company’s more progressive position toward cryptocurrencies, Filecoin storage company RRMine Global is relocating its headquarters from China to Singapore.
According to a press release issued on September 13, the company was forced to depart China due to the country’s stringent regulatory stance on cryptocurrency.
According to the company’s press release:
“The decision to wholly withdraw from Mainland China came about in light of the tightened restrictions on cryptocurrency usage in the Mainland and was solidified by the fact that China’s Web3.0 strategy is going in a different direction.”
Following the shift to Singapore, the company plans to provide an enhanced solution dubbed R-Datacap Storage. The change will lower Filecoin’s operational costs, boost its yield effectiveness, and provide more incentives to users.
Steve Tsou, CEO of RRMine Global, stated:
“Data storage providers will receive ten times the output incentive under the FIP-002 proposal, which Filecoin has approved.”
Singapore is attempting to maintain its crypto-friendly status.
The Monetary Authority of Singapore (MAS) has been attempting to strike a balance between appropriate regulation and fostering innovations that would propel the region’s crypto economy forward.
The recent crypto market crash was led by Singapore-based Three Arrow Capital and TerraForm Labs. As a response, the MAS announced that it was working to implement tight measures to protect individual investors. According to the MAS, the new rules will prohibit ordinary investors from utilizing leverage while trading cryptocurrencies.
However, MAS Minister Tharman Shanmugaratnam stated that Singapore is still willing to cooperate with crypto firms that conform with the Payment Service Act. He also stated that the government was still pursuing its goal of becoming a bitcoin hub.
“From a developmental perspective, MAS’ aim has been and remains to enable the growth of an innovative and responsible digital asset ecosystem.”