Blockchain Capital considers relocating to crypto-friendly hub amidst US regulation

Blockchain Capital considers relocating to crypto-friendly hub amidst US regulation


Blockchain Capital considers international crypto hubs amid crackdown by US authorities, with jurisdictions like the UK, UAE, and Hong Kong actively courting US entrepreneurs and venture capital firms like Blockchain Capital.

Blockchain Tech Financial resources, one of the cryptocurrency sector’s most active deal investors, is weighing the advantages of plenty 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 “no secret that the present administration has 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.”

“ Although while the United States is offshoring blockchain tech innovation, other jurisdictions like the United Kingdom, the UAE, and Hong Kong are actively courting United States entrepreneurs and deal financial resources corporations like Blockchain Tech Financial resources. Cryptocurrency is a worldwide industry and is according to the concept of decentralization so we are exploring decentralizing our financial and human capital,” he added.  

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Migration patterns

The latest information comes within a period of drastic action by United States regulatory authorities in the wake of FTX’s 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 digital currencies. Concurrently, two crypto-friendly banks in the United States — Silvergate Bank and Signature Bank — were shut down by regulatory authorities, leaving precious few banking options for startups in the space.

Numerous United States cryptocurrency corporations are now mulling where best to base their operations, including the likes of Coinbase Crypto exchange, the Nasdaq-listed exchange operator. The company recently secured a license to operate an international exchange out of Bermuda, where it intends to offer derivatives trading; has praised the UAE’s approach to governing the cryptocurrency sector; and expanded the services it offers in Singapore.

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“The message here is the world is sort of moving on with or without the United States and we are very committed as a worldwide company to keep moving forward on international expansion,” stated Hassan Ahmed, country director for Singapore at Coinbase.

A pro- cryptocurrency regime

Blockchain Tech Financial resources is one of the cryptocurrency sector’s most prolific investors. Established in 2013, it has backed over 160 corporations in the space and manages some $2 Billion in assets, reports by its website. The Block Research’s data suggests it is among the sector’s 25 most active deal investors in the past 6 months with 12 deals.

A spokesperson for the company stated that where it in the 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.

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