Filecoin Crypto Miner RRMine Global Moving to Singapore
Filecoin (FIL) service provider company RRMine Global announced on Tuesday, September 13, 2022 that it will close its operations in China. The company announced its intention to move to Singapore. Filecoin’s crypto miner came after mainland China’s crackdown on crypto and crypto activities. It is noteworthy that China completely banned crypto and its activities from trading to mining.
According to RRM’s statement, the need to make this move arose as a result of China’s strict crypto restrictions. This action indicated that China may be pursuing a completely different Web3 development strategy.
However, in several cases, Chinese officials announced that they are working to make the country a prominent player in Web3 development around the world, despite their distaste for cryptocurrencies.
According to a newspaper report, in December 2021, police arrested RRMine leaders in Chengdu, which is part of the southwestern province of Sichuan.
After moving to Singapore, Filecoin crypto miners changed their name to RRMine Global.
RRMine Global chief executive Steve Tsou said the move was not an easy one to take given the company’s comeback from its precipitous collapse. He added that the company always offered its services to users around the world, even if they themselves face strange situations.
The Filecoin (FIL) crypto is specially designed to facilitate the buying and selling of computer storage through the system. It provides a distributed storage space for keeping data and files.
Tough regulations on crypto
When it comes to crypto companies leaving China, RRMine is just one example of that. So many companies left the country and shifted their entire operations and infrastructure to other countries like Singapore, Dubai etc.
Although Singapore seems to be better than China, it was seen that the former’s regulators have also turned skeptical towards the crypto industry. Their actions in institutions and crypto exchanges reflect their intentions. In addition to this, there were several cases where regulators were found to support China’s stance against crypto.