One of the largest global bitcoin (BTC) wallets Xapo, announced to be relocating its main business operations to Switzerland and will be leaving Hong Kong because of regulatory issues. According to the report from the Swissinfo news agency, in our crypto news today we will find out more about this.
The World Web Forum that held place in Zurich had many popular crypto representatives including the Xapo’s president Ted Rogers where he spoke publicly and revealed that the main purpose for the relocation is the hope to find a better regulatory environment for their business.
According to Rogers, Hong Kong is still among the places deemed ‘’the holy grail of crypto regulation’’ but he claims otherwise. Rogers thinks that the jurisdiction in Hong Kong has become ‘’more opaque’’ and that Swiss regulators are extremely devoted, interested, smart and sophisticated in dealing with the financial markets.
The geographic transfer of Xapo’s operations also means moving the support for the non-United States clients all the way to Switzerland from Hong Kong while all other cash accounts will be located and operated with from London.
Back in November 2018, the Securities and Futures Commission of Hong Kong published a statement with all of the guidelines for funds dealing with crypto. The guidelines for regulation received a major critical response from multiple industry experts because they believe that the regulatory frame will prevent new crypto businesses from entering the market.
Meanwhile, other companies have moved to Switzerland including Bitcoin ATM supplier Lamassu because of regulatory difficulties in the countries that he operated from.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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