Huobi Global, the popular cryptocurrency exchange founded in China, has new plans announced to move its headquarters to the Caribbean.
Crypto-friendly attitude from the Caribbean
A key reason for the move, according to one of the board members, is the region’s super-friendly crypto attitude and the tax benefits for the company. Currently, Dominica, a country of about 72,000 inhabitants, is a prime candidate for the crypto company.
Huobi Global is currently headquartered in the Seychelles Islands in the Indian Ocean. The crypto exchange also has offices in Hong Kong, South Korea, Japan and the United States. According to FT, the company plans to move up to 200 of its 1,600 employees to its new headquarters.
Hotspot for crypto industry
The Caribbean is starting to become a fairly large hotspot for the crypto industry. The FTX Cryptocurrency Exchange moved from Hong Kong to the Bahamas in 2021. Since then, several other crypto companies have followed this step, including Binance and Primebit.
It is worth noting that Huobi Global has gone through a difficult period. In October, ‘About Capital Management’, a Hong Kong-based asset manager, became the controlling shareholder following a takeover agreement. Later, several top managers were fired or resigned themselves. There were also rumors that the workforce had to be significantly reduced. Although the latter was initially refuted by the company, they did indicate that some cost savings were made, without releasing more details.