“I think that such kind of crackdown may be a good thing for the industry in long term,” Wu claimed. According to his statement, the regulatory policy helps to eliminate intruders, which in turn has a positive impact on the industry reputation.
According to Wu, the digital currency market is a “fast growing financial sector”, which rapidly attracts new players. More than 10% of US citizens have already got “some involvement” with the crypto market.
While regulators in the US and China have strengthened their oversight over the crypto industry, Singapore remains the one global financial centre relatively open to innovations in the field of financial technologies. Matrixport, the company Jihan Wu runs, is headquartered right there.
“I think it’s a very good place to build a worldwide brand, financial service brand,” said Jihan Wu. In his opinion, there is no other place in the world suitable enough for the role of the crypto innovations centre.
The issue of regulatory oversight has been once again raised by Bitmain’s former CEO, Jihan Wu. Proper control over the crypto sector contributes to the industry’s credibility since it prevents possible malicious financial acts. However, Singapore remains that one innovative paradise for crypto enthusiasts seeking escape from the omnipresent regulatory supervision.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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