Recently, the US Securities and Exchange Commission (SEC) has been harassing Web3 companies, and the last of them was Kraken, which had to pay a large fine of $ 30 million and terminate its staking program. Besides, Paxos is also under threat of a possible lawsuit from the regulator for allegedly violating securities laws.
Sheila Warren, executive director of the Crypto Council for Innovation, told Bloomberg that instead of providing support, the US has decided to clamp down on cryptocurrencies. This has led a number of companies to seek more reliable jurisdictions outside the US.
Julin Chen, chief executive of RockX, and Jeff Dorman, chief investment officer of Arca, agree that there is increasing control in the US, and as a result investors are looking for other regions with clear rules that are easier for them to understand. Armstrong, head at Coinbase also shared that the authorities are not doing anything to promote cryptocurrencies, but instead are pushing them out of the country entirely. In contrast to this restrictive US stance, other countries are working to create an environment suitable for both cryptocurrency organisations and investors.
The European Union seeks to undermine the cryptocurrency market in the United States, but other countries are doing everything possible to create favourable conditions for crypto investors.
Hong Kong Finance Minister Paul Chan says that they want to make their country a cryptocurrency centre. Singapore's DBS bank and the Huobi exchange have announced plans to expand operations in their area. Dubai has also implemented clear rules for Web3 ventures and is actively promoting itself as an international cryptohub. South Korea also seems to be keeping up with these events; especially the city of Pusan, which wants to attract young people by creating a favourable environment for cryptocurrency business. Seoul and Seongnam authorities are developing a metaverse.
