North America no longer looks like the best place for the good performance of companies in the crypto sector that are gradually leaving the region.
So far in 2023, companies in the crypto sector are not receiving good vibes in North America and many of them are looking towards other horizons. If the sector leaves the region, a large part of the enthusiasts could follow it to live in places with friendly regulations.
After millions of people learned about the advantages of working, getting paid and living through cryptocurrencies, they probably do not want to go back in time. The cryptos represent an alternative to the old centralized system and provided new opportunities, especially to the youngest.
Consequently, if regulators make life miserable for the industry and companies leave Canada and the US, then many of the enthusiasts will leave with them. Although it may seem like a small issue, it can really be a problem related to brain drain.
Firms in the Crypto Sector Leave the US and Canada
As a consequence of the regulators’ attacks, the crypto sector leaves the North American region towards more friendly administrations. A significant number of people could go after companies leaving the US and Canada.
In the United States, the Securities and Exchange Commission (SEC) does not give up and attacks everything it considers to be under its wing. From centralized exchanges to firms that develop metaverse platforms could leave, as a reaction against the pressure.
The community points to the extremism of regulators as a danger to US leadership in terms of innovation. Consequently, the SEC’s tactic would lead entrepreneurs in the sector to develop their projects in other countries where they are not threatened with legal consequences for developing innovation tools.
The truth of all this is that places with friendly regulations exist and they are not few. Which is to say that the US could quickly fall behind. The crypto sector is not limited to a group of centralized exchanges like Binance and co.
In fact, it is an entire industry ranging from business, trade, and a highly-trained workforce. Thus, if the crypto sector leaves North America, the entire industry would follow to continue what they already started.
Some Places of Interest to Go Along Cryptocurrency Companies
There are numerous places that are willing to welcome the crypto sector that is now leaving North America. The so-called epicenters or hubs of Blockchain and cryptocurrency technology compete to attract the largest part of the industry.
All types of labor are included in this wave of migrants. Places like Hong Kong, Dubai or the block of the European Union welcome dozens of companies coming from Canada and the US with open arms.
The latter becomes a great opportunity to migrate under favorable conditions. There are also possibilities for Latin Americans to capitalize on this stampede. Countries like El Salvador present themselves as strong supporters of many companies.
The Central American nation was the first in the world to make Bitcoin legal tender. Thus, if a good part of the crypto companies goes towards it, the employment opportunities are enlarged for a large number of specialized Spanish-speaking workers.
Due to its proximity, regulatory ease, low costs of geothermal energy, that is, green, and even because the dollar is its official currency (along with BTC), many mining companies could make the leap from the US to Central America. Thus, this is one of the goals of much of the crypto sector leaving North America.
By Audy Castaneda
