Filecoin service provider RRMine moves to Singapore due to China’s crypto restrictions
RRMine considered Singapore as a choice destination due to its accommodating crypto policies and commitment to becoming a global crypto hub.
The company said in a Sept. 13 press release that it had to leave China due to the country’s strict regulatory stance on crypto.
According to the company’s statement:
“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.”
The company added that following the move into Singapore, it will launch its upgraded service called R-Datacap Storage. The upgrade will reduce Filecoin’s operational cost, increase its yield effectiveness, and drive more incentives for users.
RRMine Global CEO Steve Tsou said:
“Data storage providers will receive ten times the output incentive under the FIP-002 proposal, which Filecoin has approved.
Singapore pushing to remain crypto-friendly
The Monetary Authority of Singapore (MAS) has been working to find a balance between responsible regulation and promoting innovations that drive the advancement of the crypto industry in the region.
Singapore-based Three Arrow Capital and TerraForm Lab’s led the recent crypto market collapse. As a result, the MAS said it was working on introducing strict rules to protect retail investors. The MAS proposed that the new rules will limit retail investors from using leverage when transacting in cryptocurrencies.
The Minister in charge of MAS Tharman Shanmugaratnam, however, affirmed that Singapore was still open to working with crypto companies that comply with the Payment Service Act. He added that the country was still pushing its plan to be a cryptocurrency hub.
“From a developmental perspective, MAS’ aim has been and remains to enable the growth of an innovative and responsible digital asset ecosystem.”