Crypto billionaire says regulatory scrutiny may be 'a good thing for the industry'

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Wu Jihan told CNBC that regulatory scrutiny weeds out bad actors, while improving the crypto industry's reputation.

. Energy-intensive crypto mining operations were shuttered while major payments services such as Alipay have been urged by the People's Bank of China to not provide services related to cryptocurrency activities.While regulators in the U.S.

and China have stepped up their scrutiny of the crypto industry, Wu said Singapore, where Matrixport is headquartered, is a global financial center that is also relatively open to innovation in financial technology.Wu isn't alone. The Financial Times reports that other"The government is reasonable, very high efficiency, and is approachable," Wu added. "There are many good reasons for Singapore to be the hub of the crypto innovations.

 

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