Cryptocurrency

Filecoin service provider RRMine moves to Singapore due to China’s crypto restrictions

Zegex

Filecoin storage company RRMine global Due to the company’s more progressive stance on cryptocurrencies, it will move its headquarters from China to Singapore.

The company said in a statement September 13 press release That it had to leave China because of the country’s strict regulatory stance on crypto.

According to the company statement:

“The decision to completely withdraw from mainland China was taken in light of the tightening restrictions on the use of cryptocurrencies in mainland China. Chinese The Web3.0 strategy is moving in a different direction. ”

The company added that following its move to Singapore, it will launch an upgraded service called R-Datacap Storage. This upgrade will reduce Filecoin’s operating costs, improve revenue efficiency, and bring more incentives to users.

RRMine Global CEO Steve Tsuu said:

“Data storage providers will receive 10x output incentives under the Filecoin-approved FIP-002 proposal.

Singapore tries to stay crypto-friendly

The Monetary Authority of Singapore (MAS) has been working to find a balance between responsible regulation and fostering innovation that fosters the development of the crypto industry in the region.

Singapore-based Three Arrow Capital and TerraForm Lab’s led the recent crypto market crash.As a result, MAS said it was working to introduce strict rules to protect individual investors. MAS has proposed that new rules restrict retail investors from using leverage when trading in cryptocurrencies.

However, the minister in charge of MAS Tharman Shanmugaratnam said: affirmed Singapore is still open to working with crypto companies that comply with the Payment Services Act. He added that the country is still pushing ahead with plans to become a cryptocurrency hub.

“From a development perspective, MAS’ aim was and still is to enable the growth of an innovative and responsible digital asset ecosystem.”

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