RRMine Global, a Filecoin service provider that offered global cloud-based asset management, announced that it is shutting down operations in China and will move its headquarters to Singapore.
RRMine’s change of brand name to RRMine Global sparked the rule change that influenced their decisions to migrate countries and roll out upgrades to the system.
RRMine Global Evades China
RRMine Global is halting its operations in China to cover the central bank’s clampdown on cryptocurrencies. This indicates that the Chinese government intends to heavily regulate the Web3 industry. Steve Tsou, the Global CEO of RRMine Global, shared:
“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”
Singapore looks like a sensible choice for the project, as many Chinese people Web3 companies have already made their way to the country. Singapore provides a generally free market atmosphere in regulating the emerging crypto industry and is known for being one of the open economies in the world.
The new service called R-Datacap is expected to cut costs and increase yield performance at Metabolic’s new facility.
CEO, Steve Tsou shared, “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.