According to the CEO of one of the pioneer exchanges, who spoke at an international symposium on Thursday, thousands of bitcoin industry developers have left the United States as a result of the country’s harsh posture towards the sector.
Peter Smith, chief executive officer of London-based Blockchain.com, stated at the Qatar Economic Forum that there is now “real growth” in the cryptocurrency ecosystem. This statement was made in spite of the “wild year” of controversy and failure that occurred in 2022, when the FTX exchange and a number of cryptocurrency dealers failed.
Smith, who claimed that his almost decade-long tenure as the chairman of Blockchain.com had left him with “no nerve endings,” described how other nations were capitalizing on the regulatory vacuum left by the United States, where some regulators were “openly negative about crypto.”
In spite of the fact that certain lawmakers in the United States want to see regulations for a cryptocurrency market, regulators in that country have taken a hard stance due to concerns regarding money laundering and scams like the FTX collapse. Sam Bankman-Fried, the former head of FTX, is scheduled to stand trial in New York in the month of October.
Smith said that as a result, “it has opened up opportunities for other countries.”
“France, Portugal, the United Arab Emirates, Singapore, Hong Kong, and London, increasingly and interestingly, have all been very excited to take up the slack that the United States has created,” he added. “All of these countries have been very excited to take up the slack that the United States has created.”
Other nations’ regulatory environments had been described as “very constructive,” and they had drawn “a huge amount of talent.”
Smith informed the audience at the forum that in the past year thousands of people with incredible skill have left the United States in order to go to other countries.
Prior to the upheaval that took place in 2018, Blockchain.com claimed to have more than 31 million verified customers. According to Smith, there has been expansion since then, particularly in the countries of Nigeria, Ghana, Colombia, Argentina, and Ukraine.
According to Smith, “we are investing in Singapore, and we are investing heavily in Europe,” because these are the two areas in which we have the greatest degree of certainty.
Investing in the United States of America will suffer as a result of this. The United States of America is not home to the vast bulk of our company’s resources or capital expenditures.
However, there has been a tendency in several countries toward regulating the market, which is causing regulators all over the world to express their concern about the lack of control that digital currencies now have.
The first comprehensive rules governing crypto assets like bitcoin and ethereum and tokens whose value is safeguarded using blockchain technology were authorized by the European Union last month. Singapore has proposed new legislation, and the European Union, which is comprised of 27 nations, accepted them the previous month.
Last week, EU ministers reached an agreement on measures to combat tax evasion that makes use of cryptocurrency.