Huobi Global Considers Relocation to the Caribbean
- A Huobi Global representative claimed the company might move to the Caribbean due to the friendly crypto community in the region.
- Trading platform FTX moved its headquarters from Hong Kong to the Bahamas in 2021, showing the growing interest in crypto projects in the Caribbean.
- Huobi’s headquarter is currently in the Seychelles islands.
Cryptocurrency exchange Huobi Global could be set to relocate to the Caribbean, according to its new advisory board member Justin Sun. Justin, also the founder of Tron, tweeted that Huobi might consider going all in on the Caribbean since the region has a friendly crypto community. The Dominican Republic seems to be the most likely candidate, but others, such as Panama and the Bahamas, are likely destinations.
Huobi’s representative has reportedly met with Dominica’s Prime Minister Roosevelt Skerrit, and both parties will collaborate to develop crypto usage in the area. Skerrit recently legalized digital assets as a payment method in the country. Huobi’s Sun described the Prime Minister as a “very tech-savvy person [who] understands how crypto and the technology work.”
Crypto projects appear to have been lured by the warm policies of the Caribbean and are moving there in large numbers. Last year, trading platform FTX moved its headquarters from Hong Kong to the Bahamas.
Huobi’s headquarter is currently in Seychelles. The digital service provider has offices in Hong Kong, the United States, South Korea, and Japan. According to the Financial Times, the trading platform might move 200 of its 1600 employees to the new headquarters.
Huobi’s presence in the Caribbean would undoubtedly be a huge boost to crypto activities in the region. Regulators in Europe and the United States are rolling out strict policies for digital assets providers, leaving crypto companies with little choice but to seek friendlier climates.
Some crypto firms have moved their operations to emerging regions like the UAE (Dubai, most especially.) A recent Chainalysis report noted that the UAE saw many crypto companies on its shores. Dubai, for instance, has granted a virtual license to Binance, and authorities intend to adopt a relaxed approach to crypto regulation.
Other emerging markets such as Turkey and Egypt are also seeing an influx of crypto projects, showing how much project owners are seeking friendly climes. It remains to be seen if the US, China, and the UK will change their policies to retain their grip on the market.
Will China Return to the Game?
China was one of the first countries to adopt cryptocurrencies and one of the first to ban them. However, there seem to be signs that the Asian giant might consider reviving its old love for the industry. Speaking to the Financial Times, Justin Sun expressed confidence in seeing China relax its crypto policies. Sun believed Hong Kong’s recent decision to open its doors to crypto projects was a sign of China’s coming reversal.