Why China’s Cryptocurrency Barons Are Seeking New Life in Japan and Singapore
China's largest cryptocurrency operators seek new life in friendlier Asian jurisdictions such as Hong Kong, Singapore, South Korea, and most especially, Japan as the mainland – once a home to the world's biggest community of Bitcoin miners – cracks down on cryptocurrency activity.
Kicked out of their own territory and forced to shift resources en masse, China's exchanges and wallet services are now harboring for alternative investments by attracting new customers and staking out other corners of the $170 billion industry in the global market. They are either setting up over-the-counter shops in Hong Kong, planning operations in Singapore and South Korea, or applying for licenses in Japan (whether solo or via partnership).
OKEx (one of the largest bitcoin operators in China backed...