Crypto Exodus: Thousands of Developers Abandon US Due to Negative Stance: Blockchain Chief

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The cryptocurrency industry has witnessed a significant exodus of developers from the United States due to its unfavorable stance towards the sector, according to the head of a leading exchange. Peter Smith, the CEO of London-based Blockchain.com, revealed at the Qatar Economic Forum that many talented individuals have left the US in search of more welcoming jurisdictions.


Despite a tumultuous year marked by scandals and failures in 2022, Smith noted that the crypto community is experiencing real growth. However, he emphasized that the negative attitude of certain US regulators towards cryptocurrencies has created opportunities for other countries to fill the void.


France, Portugal, the United Arab Emirates, Singapore, Hong Kong, and London have emerged as attractive destinations for crypto businesses and talent, thanks to their constructive regulatory approaches. Smith highlighted the eagerness of these countries to capitalize on the US's reluctance to embrace the crypto industry.


Smith revealed that thousands of highly skilled individuals have relocated from the US to other jurisdictions over the past year, seeking more supportive environments. Blockchain.com, which boasted over 31 million verified clients before the industry turmoil, has witnessed notable growth in countries such as Nigeria, Ghana, Colombia, Argentina, and Ukraine.


The CEO highlighted the company's investments in Singapore and Europe, which offer more certainty and favorable conditions compared to the US. As a result, the majority of resources and capital expenditures are now directed outside the US market.


While concerns about the lack of cryptocurrency regulation persist worldwide, several countries have taken steps to establish frameworks to govern the industry. Singapore has proposed new regulations, and the European Union recently approved comprehensive rules covering crypto assets and blockchain-backed tokens. Additionally, EU ministers have agreed to combat tax fraud involving cryptocurrencies.


The departure of talented developers and the growing interest of other countries underscore the need for the US to adopt a more supportive and forward-thinking approach to cryptocurrencies in order to remain competitive in the rapidly evolving digital landscape.


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