By George Ward
According to one of its executives, Justin Sun, one of the world’s largest crypto exchange platforms, Huobi Global, plans to move its headquarters to the Caribbean.
Per a Twitter post from Justin Sun, the Tron founder revealed that the crypto exchange intends to hop on the Caribbean train. Sun also disclosed that Huobi would work closely with the island nation of Dominica to bolster the development of digital financial infrastructures.
Meanwhile, the Caribbean is the next haven for crypto startups, with many businesses being lured to the island region. Last year, FTX also moved its head office from Hong Kong to the Bahamas, thus paving the way for other market players to follow.
Interestingly, per the Financial Times interview, Sun has said that Huobi is encouraging its workforce at the Seychelles headquarters to move to the Caribbean.
Furthermore, Sun noted that the Chinese crypto giant is ready to “go all in the Caribbean” by leveraging its friendly crypto regulations. In addition, the company shortlisted three countries to choose from when considering setting up its headquarters.
The Caribbean As Another Crypto Hot Spot
Crypto service providers are considering jurisdictions with friendly laws to set up shop as the industry continues to groan under market correction. Thus, the Caribbean is now the latest crypto hot spot to attract international firms.
Many of the world’s biggest crypto exchanges already have a regional presence. For example, Binance is fully approved in Cayman Island, and so is Crypto.com.
Furthermore, Dominica’s prime minister, Roosevelt Skerrit, is pro-crypto and has been pivotal to these moves by crypto firms. Skerrit legalized cryptocurrency for payment in October, and Sun noted that the Prime Minister is a “digital enthusiast with knowledge of how crypto and technology function.”
The Dominican government works with Sun’s-owned TRON to develop and issue the Dominican Coin (DMC). Sun joined Huobi Global in October as an advisory board member following his exploits with TRON. The Caribbean has taken the lead in rolling out crypto regulations and attracting foreign businesses to set up regional bases.
Sun Is Positive About China Lifting Crypto Ban
Despite being banned from operating in mainland China, Justin Sun revealed that Huobi could be able to do business in the country in the future. According to the board member, he is bullish on the Chinese government softening its stance on the ban on cryptocurrency.
According to data from Chainalysis, a blockchain research platform, mainland China has one of the highest crypto transaction rates in the world.
The country ranked fourth on the list of crypto markets by market turnovers in October. Moreover, this new data is a surprise, given that there is a blanket ban on all crypto activities in mainland China.
Sun believes the Chinese government is about to change its stance due to the potential leadership change. As a result, he predicted that policies against crypto assets might cool down by the first quarter of 2023.