RRMine Global announced on Wednesday that it is relocating its main office to Singapore and has closed their business operations in Mainland China.
RRMine Global previously RRMine is a Filecoin storage company that offers cloud computing asset management services globally. Following the Company’s change of its brand name, they decided to move countries and launch upgrades a new system.
The system is called ‘R-Datacap storage’ aiming to cut operational cost as well as increase yield efficiency.
Move as Chinese Government tightened cryptocurrency restrictions
RRMine Global is shutting down its operation in Mainland China after the Chinese Government strengthen its cryptocurrency restriction. It is a sign that the government is committed to heavily regulating the Web3 industry.
“Very much like other entrepreneurs, we want the best for our company, employees, and community. The decision has been made after a profound examination and multiple discussions,” said the Global CEO of RRMine Global, Steve Tsou.
Many Chinese Web3 Companies Relocate to Singapore
Many Chinese Web3 companies have moved to Singapore, for instance, Hogwart Labs and Cobo, resulting in RRMine relocating its headquarters to the country.
The Singaporean government has a relatively balanced regulation approach toward the cryptocurrency industry, and is renowned for having one of the world’s most open economies.
According to Singapore Government, in 2021 approximately 2 million of its 5.45 million residents are not locals.
The CEO, Steve Tsuo said, “We are taking the lead in Web3.0 technology research and development to create a more efficient system for tackling the issue. Data storage providers will receive ten times the output incentive under the FIP-0012 proposal, which Filecoin approved. We are excited to bring this innovation to RRMine Global and Filecoin users very soon. It will undoubtedly be a game changer for our storage industry.”