Bitfinex, one of the leading cryptocurrency exchanges, is reportedly considering shifting its base from Hong Kong to Switzerland.
The plan was first reported by the Swiss weekly newspaper Handelszeitung, citing Bitfinex head Jean Louis van der Velde.
"We are looking for a new domicile for Bitfinex and its parent iFinex, where we will merge the operations previously spread across several locations," he told the newspaper. Bitfinex, which is the world's fifth largest crypto exchange by 24-hour trading volume, has already held several discussions with the State Secretariat for International Financial Affairs (SIF) and the Federal Councilor Johann Schneider-Ammann, who heads the Department of Economic affairs. Bitfinex will be incorporated as a separate entity in Switzerland and replace its parent iFinex as it moves from the British Virgin Islands to Switzerland, the report said, citing settlement experts familiar with the matter.
Bitfinex is also considering London as a possible home, but for now Switzerland is the most preferred, van der Velde said. Switzerland hopes to attract more fintech firms. The town Zug has transformed itself into a "crypto valley" hosting several start ups.
In February, the Swiss Financial Market Supervisory Authority, or FINMA, had released guidelines to regulate the launch of initial coin offerings, citing a sharp increase in the number of ICOs planned or executed in the country.
Meanwhile, the big crypto exchanges are considering shifting base as regulators are increasingly tightening the noose around them.
Bitfinex has been under the scanner this year after suspicions were raised regarding Tether, a cryptocurrency that has close links to the exchange. Tether claims that each of its coin is backed by a US dollar, but that claim cannot be proven due to a lack of independent audit.
This month, news emerged that another Hong Kong-based exchange Binance, the world's largest cryptocurrency exchange by 24-hour trading volume, announced plans to open business in Malta as it fell out of favor with the Japanese financial regulator for failing to get a license to operate in the country.
Malta is also welcoming cryptocurrency and blockchain businesses as the Mediterranean island nation plans to transform itself into a fintech hub.
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