By Hassan Mehmood (Saudi Arabia)
At present, the regulatory environment for cryptocurrency markets is not looking very optimistic. To this effect, various cryptocurrency entities have decided to move out of the country.
Coinbase CEO has already made some remarks to hint at the possible migration out of the territory. However, the latest crypto enterprise that is considering relocating is Galaxy Digital.
Mike Novogratz, the CEO of the firm, has recently told media that the firm can opt to move to another jurisdiction in case the regulatory situation within the USA does not improve. He has also claimed that several other crypto businesses are planning on leaving the territory and moving to a new location.
He was recently speaking at the Piler Sandler Global Exchange which organized Fintech Conference in June this year. The CEO has claimed that he intends to move both personal and commercial assets out of the region.
Talking about the matter, he claimed that at present a list of crypto entities are planning to step out of the USA. At the same time, he maintained that the country is likely to retain its role as an industry leader in the blockchain sector.
Also read:He said that for Bitcoin market to realize its full potential, the presence of American stakeholders is crucial. He also claimed that the region should not disengage with the affairs of the crypto space.
Crypto Cannot Flourish Without Regulatory Clarity
He also pointed out that without suitable political and regulatory clarity in the USA, crypto can’t flourish in the region. Novogratz said that the USA plays an important role in the political and economic development of the world such that it is affirmative that the country finds common ground with the international crypto community and stakeholders. SEC is the leading agency in America that has waged war against its local crypto sector.
It is worth noting that SEC has recently listed major cryptocurrencies under the charge of being unregistered securities. Some of these noteworthy cryptocurrencies have sizable market dominance in the aggregate crypto market cap.
The 30 named or alleged securities nominations by SEC include Solana, Polygon, Cardano, Sandbox, Decentraland, Axie Infinity, and Cosmos among others. At the same time, SEC has brought a barrage of charges against native crypto exchanges such as Coinbase and Binance.
Exchange platforms such as Gemini have already started to seek a trading license in UAE. The exchange has also shared plans to disperse its labor within Singapore and recruit 100 employees. Gemini is seeking to expand in the Asian markets. On the other side of the spectrum, Asian jurisdictions such as Singapore, UAE, and Hong Kong are becoming more crypto-friendly territories.
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