Xapo says Bye to Hong Kong and It Will Move to Switzerland

Xapo says Bye to Hong Kong and It Will Move to Switzerland

Bitcoin Wallet Xapo is planning to relocate its critical business operations to Switzerland as the company is searching for a better crypto regulatory environment, according to a report published by Swissinfo.

Xapo president Ted Rogers affirmed that Hong Kong regulation for cryptocurrency used to be “the holy grail of crypto regulations,” however, it “has become more opaque.”

“It is a reality of this industry that you have to be agile and react to regulatory changes all the time. Swiss regulators are smart, interested and sophisticated in dealing with the financial markets,” Swiss news agency Swissinfo quoted Rogers.

Rogers said he always considered Switzerland as “the right place” to be for blockchain and crypto projects.

Xapo has 250 employees, “but less than ten are currently situated in canton Zug,” the note says. However, it “holds around $10 billion of clients’ bitcoin in a former military bunker in the Swiss Alps.”

Rogers affirmed that the company is now looking for options as Xapo is situated in Hong Kong. The company also has an office in Palo Alto, California and operates Worldwide.

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