Blockchainย Tech Financialย resources, one of the cryptocurrency sectorโs most active deal investors, is weighing the advantages of plentyย of en vogue international cryptocurrency hubs amid a sector crackdown by authorities in the United States.
Bart Stephens, founder and managing partner of the San Francisco-based company, stated in a statement to The Block that it is โno secret that theย present administration hasย evolved overtly hostile to cryptocurrency by allowing Elizabeth Warren and Gary Gensler to decide what next-generation internet and financial technology will be available to Americans.โ
โ Althoughย while the Unitedย States is offshoring blockchainย tech innovation, other jurisdictions like the Unitedย Kingdom, the UAE, and Hong Kong are actively courting Unitedย States entrepreneurs and deal financialย resources corporations like Blockchainย Tech Financialย resources. Cryptocurrency is a worldwide industry and is accordingย to the concept of decentralization so we are exploring decentralizing our financial and human capital,โ he added. ย
Migration patterns
Theย latestย information comes withinย a period of drastic action by Unitedย States regulatoryย authorities in the wake of FTXโs collapse late last year.
This year alone, the Securities and Exchange Commission has filed charges against numerous cryptocurrency outfits including Justin Sun and his corporations, along with Bittrex and Gemini, and some celebrities for endorsing digitalย currencies. Concurrently, two crypto-friendly banks in the Unitedย States โ Silvergate Bank and Signature Bank โ were shut down by regulatoryย authorities, leaving precious few banking options for startups in the space.
Numerous Unitedย States cryptocurrency corporations are now mulling where best to base their operations, including the likes of Coinbaseย Cryptoย exchange, the Nasdaq-listed exchange operator. The company recently secured a license to operate an international exchange out of Bermuda, where it intendsย to offer derivatives trading; has praised the UAEโs approach to governing the cryptocurrency sector; and expanded the services it offers in Singapore.
โThe message here is the world is sort of moving on with or without the Unitedย States and we are very committed as a worldwide company to keep moving forward on international expansion,โ stated Hassan Ahmed, country director for Singapore at Coinbase.
A pro- cryptocurrency regime
Blockchainย Tech Financialย resources is one of the cryptocurrency sectorโs most prolific investors. Established in 2013, it has backed over 160 corporations in the space and manages some $2 Billion in assets, reportsย by its website. The Block Researchโs data suggests it is amongย the sectorโs 25 most active deal investors in the past 6 months with 12 deals.
A spokesperson for the company stated that where it inย theย end chooses to expand will depend on which jurisdiction boasts the most pro- cryptocurrency regulatory framework. Authorities in both Hong Kong and the UAE have been actively engaged in crafting more welcoming regimes for cryptocurrency corporations this year.
