During his speech at BlockShow Asia 2019, Edith Yeung – managing executive at Proof of Capital – has reportedly urged US lawmakers to come up with regulatory clarity for blockchain-based ventures. 

Specifically, Yeung pointed out that these blockchain firms chose Singapore, Switzerland, or Hong Kong to set up headquarters instead of the US because of the uncertainty regulatory level here, and “they don’t want to touch it because of the legal tension.”

Numerous exchange platforms have actually decided to move their operation offshore, due to the prolonged regulatory uncertainties. In October 2019, Poloniex has left Circle, in an effort to set up a new crypto exchange platform, dedicated to facilitating transactions exclusively for non-US customers. 

Binance also set up Binance US, together with BAM Trading Services, an official partner of the US FinCEN. Binance US is another branch of Binance – which is primarily headquartered in USA. 

“We welcome more regulations as a vacuum of the proper regulation last year or the year before turned into vulnerable situations.” Rae Deng, founding member of the Singaporean VC firm Du Capital, also believed with the call-out from Yeung.

At the same time, Yeung also expressed concerns towards the prospect of making rapid changes to the American regulatory environment. She just urged regulators to keep a close watch on the nation.