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RRMine Global, a Filecoin service provider offering global cloud-computing asset management, announced Wednesday that it has shut down business operations in mainland China and is relocating its headquarters to Singapore. 

The company said the decision to move countries and launch upgrades to their system came after the it rebranded from RRMine to RRMine Global.

RRMine Global is ending its operations in Mainland China after the Chinese government tightened cryptocurrency restrictions, signaling the government’s commitment to heavily regulating the Web3 industry. Steve Tsou, the Global CEO of RRMine Global, shared:

“Very much like other entrepreneurs, we want the best for our company, employees, and community. The decision has been made after a profound examination and multiple discussions”

Singapore seems like an obvious choice for the project, as many Chinese Web3 companies have already made their move to the country. Singapore offers a relatively balanced regulatory approach toward the emerging crypto industry, and has a reputation for being one of the world’s leading open economies.

The company also revealed the official launch of a new upgrade service ‘R-Datacap storage’ expected to reduce operational costs and increase yield efficiency.

CEO, Steve Tsou shared, “We are taking the lead in Web3.0 technology research and development to create a more efficient system for tackling the issue. Data storage providers will receive ten times the output incentive under the FIP-0012 proposal, which Filecoin approved. We are excited to bring this innovation to RRMine Global and Filecoin users very soon. It will undoubtedly be a game changer for our storage industry.”