The company RRMine Global, which mines Filecoin, has ended operations in mainland China and moved to Singapore after China issued a very strict ban on crypto mining and trading, CoinDesk wrote.
The cryptocurrency Filecoin (FIL) allows users to purchase and sell computer storage on a system and store files and data in a decentralized manner.
China Web3 strategy going in “different” direction
RRMine stated that the move was spurred by tightened crypto regulations in China and justified by “the fact that China’s Web3 strategy is going in a different direction.”
Despite their dislike of crypto, Chinese authorities have indicated that they want China to lead in government-endorsed Web3 applications, such as controllable, permissioned blockchains that increase efficiency.
Singapore is following suit
Many crypto exchanges and trading companies moved from mainland China to Singapore after last year’s ban because of the latter’s crypto-friendlier regulatory framework.
However, Singaporean regulators have started turning sour on crypto in the past year, especially on how retail investors are using the market. They have even mirrored China’s stance against asset class speculation in some cases.
RRMine’s upgraded service
To commemorate the move, RRMine Global introduced R-Datacap Storage, an upgraded service that will drive the Filecoin incentive, minimize operational costs, and make yield more effective.
The company changed its name to RRMine Global along with its move away from China. Company CEO Steve Tsou said, “It has not been easy to come back from a downfall, especially when RRMine Global has continuously provided services to all its users globally without fail despite all the events that happened.”
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