Monday, June 5, 2023

US “negativity” forces crypto asset “talents” to leave (Blockchain director)

A cryptocurrency Tether photographed in London on May 8, 2012.

Thousands of developers in the cryptocurrency industry of the United States have left because of the “blatantly negative” attitude of the US authorities towards virtual currencies, the CEO of the Blockchain platform, one of the largest, said on Thursday.

The troubles of recent months, as banks and boards like FTX, have shaken the cryptocurrency world and put the debate on its regulation back on the table. Sector promoters accuse Washington of being opaque about regulation in the absence of specific laws.

The “blatantly negative” attitude of US regulators has pushed “thousands of incredibly talented people to leave the US for other places this year,” said Peter Smith, CEO of the platform Trocce, at a financial forum in Qatar.

Doctors are leaving for other “more constructive” places, he said, citing Portugal, the United Arab Emirates, the United Kingdom, Singapore, Hong Kong or France.

According to him, after a “turbulent year”, he calls the sector “real growth”, Peter Smith has brought to light.

“We invest in Singapore, we invest massively in Europe, as they are the two safest environments we have,” he said.

The Southeast Asian nation-state has proposed new regulations to govern transfers of virtual assets such as bitcoin.

The European Union (EU) has recently adopted new tax transparency rules for companies dealing in crypto assets and two regulations on crypto asset markets (MiCA) and funds transfers (TFR).

According to Peter Smith, Blockchain activity is growing especially in Nigeria, Ghana, Colombia, Argentina and Ukraine.

World Nation News Desk
World Nation News Desk
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