At this uncertain juncture, many companies are assessing the viability of continuing operations within the current market’s unfavorable regulatory environment. So far, much attention has been drawn to experimental crypto-focused enterprise Galaxy Digital, helmed by Mike Novogratz. Most recently, the Chief Executive was at Fintech Conference in at Piler Sandler Global Exchange in June when he made comments hinting at the possibilities of a corporate exit from the USA should the cypto-abrasive national legal climate fail to change quickly.
Novogratz did not continue with pessimistic lines, indicating that it is fundamental for American stakeholders to remain active in the digital economy in order for the asset form to reach its best potential: “The country plays a linage role since it shapes the global political and economic landscape. If we want crypto to have global impact, the USA needs to reach consensus with the worldwide community of sectoral participants,” he said.
The Securities and Exchange Commission of the USA (SEC) has remained a bone of contention between the crypto sector and nation’s regulatory establishment. Every month more classifiable tokens such as Polymath, NEXO, FTX TokenGusd, and Bitsoda make their onto the Commission’s list of offenders, detected unregistered securities. It has even gone after major tokens such as Bitcoin and Ethereum.
Unable to bear the consequences of further prosecution, various entities have decided to externalise their steps, seeking much friendlier corporate climate out of the US. Cryptocurrency exchange , has already placed applications for licensing in the UAE, and has swashed out a Singapore outsourcing objectives to assemble an entourage of a hundred employees. Gemini, too, is eyeing the Asian market expansively.
On the flip-side, jurisdictions in the Asian region, such as Singapore, UAE, and Hong Kong are rapidly become adopting crypto regulations and providing businesses with a number of inviting advantages.
