One of the characteristics of the exchanges is their mobility. Even if they generate massive revenues and can look like big companies, the Cambridge study tells us that they are actually managed by very few people: 49% of the exchanges have less than 11 employees. China's ban on trading platforms will not be taken for granted. Since they are mobile, they are migrating to border countries like Japan, Hong Kong or Singapore.
- Japan becomes world leader in trading platforms:
Japan is one of the countries that welcomes Chinese trading platforms openly. Japan's regulator approved 11 marketplaces in September alone. This involvement is not unrelated to the Mt Gox affair. Rather than strengthening its policy, Japan prefers to fight against money laundering and prevent financial scandals related to the world of cryptocurrencies by accompanying rather than by binding.
There are still about twenty platforms whose license application is under study. Binance and Bixin are part of it. The comment of Mike Kayamori, Director of Quoine allows us to capture the atmosphere that reigns in Asia:
"We talk to almost all these guys. They are all desperate now »
Quoine obtained a Japanese license last month. She plans to sign an agreement with a Chinese partner by the end of the year.
Hong Kong or Singapore?
OKEx is one of those who go it alone in Hong Kong. Others are considering Singapore as a relief option, although the island nation has yet to adopt specific regulations. Bitmain, which operates the largest mining pool in the world, said it was opening a regional office there. Wu Jihan, co-founder, said he wants to recruit talent in Southeast Asia and operate a center that will serve as a research base for companies like Nvidia Corp. and Alphabet Inc.
Wherever Chinese operators find themselves, one thing is clear: as regulatory measures come out, exchanges and other cryptocurrency players must be agile enough to operate and move quickly across jurisdictions. Jack Smith, CEO of Bitcoin.com said:
"Countries adopting more lenient policies towards this new space will become the winners of the crypto economy"