Bitcoin Wallet Xapo Departs Hong Kong for Switzerland Due to ‘Opaque’ Regulations

Swiss news agency Swissinfo announced on January 21 that Xapo would leave Hong Kong and move to Switzerland in key commercial operations.

Speaking at the World Web Forum in Zurich, Portfolio Chairman Ted Rogers discovered that the main goal of the operation was to search for a better cryptographic regulatory environment.

According to Xapo's President, Hong Kong was once considered "the sacred master of cryptographic regulation," but in reality, the authority has become "opaque".

Rogers said that Switzerland still sees the "right place" for the bloom of blockchain projects and cryptography. Financially. "

According to the report, Xapo's geographic transfer business will involve transferring non-US customers from Hong Kong to Switzerland, while cash accounts will be managed from London.

In November 2018, the Hong Kong Securities and Exchange Commission issued a statement containing guidelines for funds dealing with cryptocurrencies. Some industry experts have critically reacted to the new regulation, saying that guidelines could prevent new cryptographic companies from entering the market.

At the same time, another company recently moved to Switzerland, apparently to improve the regulatory situation. On January 1, Bitcoin ATM Lamassu moved to Switzerland due to regulatory difficulties in other countries.

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