{"id":609132,"date":"2023-02-17T23:49:22","date_gmt":"2023-02-18T05:49:22","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/17\/what-the-us-crypto-crackdown-means-for-the-rest-of-the-world\/"},"modified":"2023-02-17T23:49:22","modified_gmt":"2023-02-18T05:49:22","slug":"what-the-us-crypto-crackdown-means-for-the-rest-of-the-world","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/17\/what-the-us-crypto-crackdown-means-for-the-rest-of-the-world\/","title":{"rendered":"What the US Crypto Crackdown Means for the Rest of the World"},"content":{"rendered":"
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As U.S. regulators set their sights on crypto companies<\/a>, does this mean that other countries are in with a chance at becoming a crypto hub?<\/strong><\/p>\n

The United States Securities and Exchange Commission (SEC) is hunting down Web3 companies with its strict policies. Recently it fined Kraken $30 million<\/a> and ordered the closure of its staking reward facilities.<\/p>\n

Then, the SEC warned Paxos of possible legal action<\/a> for violating securities law. Regulators also oppose listing Bitcoin spot Exchange Traded Funds<\/a> (ETFs.) But it is the SEC\u2019s lawsuit against Ripple Labs that is the most notable.<\/p>\n

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What I don\u2019t understand about America is; You were so liberal with the internet and Silicon Valley was born, the tech hub of the world. Now you\u2019re doing the opposite with Crypto, what do you think happens next?\u2026. https:\/\/t.co\/8m3oFiHf3X<\/a><\/p>\n

\u2014 Cryptoinsightuk (@Cryptoinsightuk) February 9, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Countries Race to Become Crypto Hub<\/strong><\/h2>\n

While the U.S. has adopted a stricter stance against crypto companies, other countries are maintaining a more accommodating stance. The Financial Secretary of Hong Kong, Paul Chan, announced in January<\/a> that they are working to make the country a crypto hub. After the announcement, the Singapore-based DBS bank, and Huobi exchange unveiled their plans to expand business<\/a> into the territory.<\/p>\n

The United Kingdom is steadily moving towards full-fledged crypto regulation. It has entered the second phase of its path toward regulation, with the government seeking feedback <\/a>from industry stakeholders. The prime minister of the U.K., Rishi Sunak, envisions making the country a crypto hub.<\/p>\n

This month, Dubai released rulebooks to provide specific frameworks<\/a> to Web3 firms. The country, already a favorite destination for crypto-related events and conferences, aims to position itself as an international crypto hub.<\/p>\n

In Asia, South Korea is utilizing blockchain technology to its fullest potential. Busan, one of the fastest aging cities in South Korea, wants to become crypto-friendly to attract immigration from younger people<\/a>. The city has also entered an agreement with Binance<\/a> to establish a public crypto exchange. South Korea is also building public metaverses in Seoul<\/a> and Seongnam<\/a>. Recently, the Asian country also allowed the issuance of security tokens<\/a> for business ownership.<\/p>\n

El Salvador and the Central African Republic<\/a> have made Bitcoin legal tender. El Salvador has committed to mass Bitcoin adoption, intending to educate 250,000 students<\/a> about Bitcoin in 2023. The Government has also launched<\/a> a special Bitcoin Office to manage all cryptocurrency-related projects.\u00a0<\/p>\n

Investors and Companies Moving Away From the U.S.<\/strong><\/h2>\n

With the U.S. shunning greater crypto adoption and other countries supporting it, firms are slowly moving away from the nation. Sheila Warren, the Chief Executive Officer (CEO) of the Crypto Council for Innovation, told Bloomberg<\/a>, \u201cBy favoring enforcement instead of passing rules in line with other regions, the U.S. has left both regulators and companies grappling with what is essentially a guessing game as to what might come next.\u201d\u00a0<\/p>\n

Zhuling Chen, the CEO of RockX, says, \u201cGiven the increasing level of regulatory scrutiny and enforcement we have seen, several US crypto investors are growing a bit nervous. Whoever has interest and wants to stay in crypto will choose friendlier countries, where the rules are clear.\u201d<\/p>\n

And Jeff Dorman, the Chief Investment Officer at Arca, says new Web3 firms are \u201cnot even bothering with the U.S.\u201d<\/p>\n

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5\/ Regulation by enforcement doesn\u2019t work. It encourages companies to operate offshore, which is what happened with FTX.<\/p>\n

\u2014 Brian Armstrong (@brian_armstrong) February 8, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Got something to say about the U.S. Crypto crackdown or anything else? Write to us or join the discussion on our Telegram channel.<\/a> You can also catch us on TikTok<\/a>, Facebook<\/a>, or Twitter<\/a>.<\/p>\n

For BeInCrypto\u2019s latest <\/strong>Bitcoin<\/strong><\/a> (BTC) analysis, <\/strong>click here<\/strong><\/a>.<\/p>\n

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Disclaimer<\/h3>\n

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.<\/p>\n<\/div><\/div>\n

Read More<\/a>
\n Harsh Notariya<\/p>\n","protected":false},"excerpt":{"rendered":"

As U.S. regulators set their sights on crypto companies, does this mean that other countries are in with a chance at becoming a crypto hub? The United States Securities and Exchange Commission (SEC) is hunting down Web3 companies with its strict policies. Recently it fined Kraken $30 million and ordered the closure of its staking<\/p>\n","protected":false},"author":1,"featured_media":609133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23084,22791],"tags":[],"class_list":{"0":"post-609132","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crackdown","8":"category-crypto"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=609132"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609132\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/609133"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=609132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=609132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=609132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}