Thousands of developers left the US for cryptocurrency’s position

Cryptocurrency

While participating in an international forum in Doha on Thursday, the head of a leading cryptocurrency company said that thousands of cryptocurrency developers have left the US because of the negative attitude towards the sector.

Peter Smith, CEO of London-based Blockchain.com, explained at a session at the Qatar Economic Forum that there is now “real growth” in the sector.

Smith talked about how other countries are taking advantage of the vacuum left by the U.S., as some adopt “generally negative” attitudes toward cryptocurrency.

While some US lawmakers want to set rules for the cryptocurrency market, regulators have taken a tougher line due to fears of money laundering and fraud.

“France, Portugal, the United Arab Emirates, Singapore, Hong Kong and London (…) were very keen to fill the gap left by the US,” Smith said.

He added that “thousands of talented people (…) have left America” ​​in the past year.

“We invest in Singapore and we invest in Europe (…) more at the expense of investing in the US. Most of our resources and capital investments are outside of the US,” Smith said.

Regulators around the world have expressed concern over the lack of regulation over cryptocurrencies but there is a trend towards regulating the sector in many countries.

Last week, EU ministers approved measures to prevent tax fraud using cryptocurrencies.

Ripple: Banking crisis in US favors cryptocurrencies

See also  Brent crude is up 6% in the week to close at $ 120
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 130 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?