Filecrypto service provider RRMine moves to Singapore due to China’s cryptocurrency restrictions


Xeggex

Filecrypto’s storage company RRMine Global is moving its headquarters to Singapore from China due to the company’s more progressive stance toward cryptocurrencycurrencies.

The company said in a Sept. 13 press release that it had to leave China due to the country’s strict regulatory stance on cryptocurrency.

According to the company’s statement:

“The decision to wholly withdraw from Mainland China came about in light of the tightened restrictions on cryptocurrencycurrency usage in the Mainland and was solidified by the fact that China’s Web3.0 strategy is going in a different direction.”

The company added that following the move into Singapore, it will launch its upgraded service called R-Datacap Storage. The upgrade will reduce Filecrypto’s operational cost, increase its yield effectiveness, and drive more incentives for users.

RRMine Global CEO Steve Tsou said:

“Data storage providers will receive ten times the output incentive under the FIP-002 proposal, which Filecrypto has approved.

Singapore pushing to remain cryptocurrency-friendly

The Monetary Authority of Singapore (MAS) has been working to find a balance between responsible regulation and promoting innovations that drive the advancement of the cryptocurrency industry in the region.

Singapore-based Three Arrow Capital and TerraForm Lab’s led the recent cryptocurrency market collapse. As a result, the MAS said it was working on introducing strict rules to protect retail investors. The MAS proposed that the new rules will limit retail investors from using leverage when transacting in cryptocurrencycurrencies.

The Minister in charge of MAS Tharman Shanmugaratnam, however, affirmed that Singapore was still open to working with cryptocurrency companies that comply with the Payment Service Act. He added that the country was still pushing its plan to be a cryptocurrencycurrency hub.

“From a developmental perspective, MAS’ aim has been and remains to enable the growth of an innovative and responsible digital asset ecosystem.”

 

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