Close

Filecoin service provider RRMine relocates to Singapore due to tightening restrictions in China

September 14, 2022 0:49 pm

RRMine Global, a Filecoin service provider offering global cloud-computing asset management, is moving its headquarters to Singapore from China due to cryptocurrency restrictions in Mainland China.

The company has rebranded from  RRMine to RRMine Global in accordance with the decision to move headquarters.

Explaining the rationale behind the decision making, RRMine Global said “The decision to wholly exit from Mainland China due to the tightened restrictions on cryptocurrency usage in the Mainland and was solidified by the fact that China’s Web3.0 strategy is going in a different direction.”

Following the move, RRMine Global will launch its upgraded service called R-Datacap Storage. The upgrade will reduce Filecoin’s operational cost, increase its yield effectiveness, thus drive more incentives for users.

Singapore offers a relatively balanced regulatory approach toward the emerging crypto industry; this open attitude has driven the development of the crypto industry in the region. Many Chinese Web 3 companies has already relocated to the country.

Huobi Global, China’s second largest cryptocurrency exchange by volume, has relocated significant parts of its operations from China to Singapore.

The move followed announcement of Chinese regulators including the central bank, financial, securities and foreign exchange regulators, said they will work together to root out all crypto-related transactions that are considered to be illegal financial activity.

Binance, which was also originally founded in China like Huobi, also announced that it is no longer accepting new account registration from mainland China. The company has successfully achieved globalization and launched its public blockchain network “Binance Smart Chain” after it had blocked in China since 2017. Binance is one of the most well-known cryptocurrency group to set up branch in Singapore with CEO Changpeng Zhao having moved to the city-state in recent years.