Chinese crypto exchange giant Huobi Global is planning a move to the Caribbean to set up its headquarters.
On Nov. 2, Huobi Global investor and advisory board member Justin Sun unveiled the company’s relocation plans.
He said one of the biggest goals is to “go all in the Caribbean” since it has a crypto-friendly community. Dominica was the first choice but Panama and the Bahamas were also frontrunners.
It would be one of the largest crypto companies to migrate to the region as global regulators tighten the reins on the industry.
Caribbean a hot spot for Huobi Global
The Caribbean has become a hot spot for crypto in recent years. Last year, Sam Bankman-Fried’s FTX moved to the Bahamas from Hong Kong. The world’s largest exchange, Binance, is registered in the Cayman Islands, and Crypto.com acquired a license to operate there in August.
Sun said that he had met Dominica’s Prime Minister Roosevelt Skerrit last year. The move would enable Huobi to work closely with the country to develop its crypto infrastructure.
Pro-crypto Skerrit legalized digital assets as a payment method in the country last month. According to Sun, he is a “very tech-savvy person [who] understands how crypto and the technology works.”
The government of Dominica collaborated with Sun’s TRON platform to issue the Dominica Coin (DMC). Justin Sun, who is also the Permanent Representative of Grenada to the World Trade Organization, said that he hoped this was the “first of many technological partnerships with sovereign governments to come.”
Early moves to roll out crypto regulations and encourage the industry have worked in favor of Caribbean states.
China back in play?
Speaking to London’s Financial Times, Sun also said that he was very bullish on China softening its stance on crypto. This has been alluded to recently with Hong Kong’s reversal and opening of arms to global crypto firms.
Furthermore, Sun added that the “Chinese government leadership is under ongoing changes right now,” adding that policies may be eased “after Q1 next year.”
Huobi Global also plans to increase its presence in Hong Kong due to those ties with mainland money. “We all know Hong Kong has a big mainland China advantage,” commented Sun.
Huobi’s native token, HT, dropped 5% on the day in a fall to $8.15. However, it has almost doubled over the past month with the news of Sun’s takeover. HT is currently down 80% from its May 2021 all-time high.
Tron’s TRX token is down 73% from its January 2018 peak, trading at $0.063 at the time of writing.
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