Why America is losing talented cryptocurrency professionals

Thousands of players in the crypto-asset industry have left the United States due to the “openly negative” attitude of American regulators towards virtual currenciessaid Thursday the CEO of the Blockchain platform, one of the most important.

The setbacks that have occurred in recent months, including the bankruptcies of banks and platforms such as FTX, shook the world of cryptocurrencies and revived the debate on its regulation. Sector players criticize Washington for opaque regulation in the absence of dedicated legislation.

The “openly negative” attitude of US regulators has caused “thousands of incredibly talented people to leave the United States to settle elsewhere this year”, said Peter Smith, CEO of the Blockchain platform, during an interview. an economic forum in Qatar.

“More constructive” destinations

These professionals go to other “more constructive” destinations, he said, citing France, Portugal, the United Arab Emirates, Singapore, Hong Kong or the United Kingdom. And after a “stormy year”, the sector is experiencing “real growth”, underlined Peter Smith.

“We are investing in Singapore, we are investing heavily in Europe because those are the two safest environments we have,” he said. The city-state of Southeast Asia has proposed new regulations to regulate the transfer of virtual assets, such as bitcoins.

The European Union recently adopted new tax transparency rules for companies active in crypto-asset transactions, as well as two regulations on crypto-asset markets (MiCA) and on remittances (TFR). According to Peter Smith, Blockchain business is seeing strong growth, especially in Nigeria, Ghana, Colombia, Argentina and Ukraine.

(AFP)Show comments