On Tuesday, 13th September 2022, Filecoin (FIL) service provider firm RRMine Global announced to shut off its operations in China. The company said its plans to shift to Singapore. The step of the Filecoin crypto miner came after the crackdown on crypto and crypto-related operations in Mainland China. It is noteworthy that China entirely banned crypto and its operations, from trading to mining.
According to RRMine’s statement, the need to take this move emerged following the strict restrictions in China over crypto. This action proved that China might be going to follow a whole different strategy for Web3 development.
However, in several instances, authorities in China indicated their aspiration to make the country a prominent player in Web3 development around the world, regardless of their dislike for crypto.
According to a newspaper report, in December 2021, there was an instance when police in Chengdu, which falls within the southwestern province of Sichuan, arrested executives of RRMine.
Following their move to Singapore, Filecoin crypto miners rebranded their name to RRMine Global.
CEO of RRMine Global, Steve Tsou said the step was not the easy one to take considering the comeback of the firm from its drastic downfall. He added the firm always provided its services to users all around the world even facing odd situations themselves.
Filecoin (FIL) crypto is specifically designed to facilitate buying and selling of computer storage over the system. It provides decentralized storage to keep data and files.
Harsh Regulations on Crypto
When it comes to crypto firms leaving China, RRMine is just another example of it. So many companies left the country and moved their whole operations and infrastructure to other countries like Singapore, Dubai, etc.
Although Singapore seems to be better than China, it was seen that the regulators in the former have also turned skeptical toward the crypto industry. Their actions on institutions and crypto exchanges reflect their intentions. On top of that, there were several instances when the regulators found supporting the stance of China against crypto.
Source: https://www.thecoinrepublic.com/2022/09/17/filecoin-crypto-miner-rrmine-global-moving-to-singapore/