USA is losing its crypto elite to UK and Hong Kong. Here’s why

According to many experts, the actions by the U.S. regulators towards cryptocurrencies has created an environment that limits innovation, as seen with many projects announcing seizure or move of operations from the country. Crypto watchers suggest that Avorak holding off on incorporating a U.S. company could mean it's likely to follow Coinbase or a16z.

What is Avorak?

Avorak is a new AI project built on the BNB Smart Chain. It has gained worldwide recognition because of the industries it can revolutionize after its initial coin offering (ICO). Avorak is the first comprehensive AI solution on the blockchain, streamlining trading, data analysis, online shopping, content creation, 3D modeling, blueprint drafting, and many other fields.

Avorak's first-to-market strategy ensures its users get ahead of the competition, as its tools offer unmatched benefits. For example, the Avorak Trade bot can automate trades on multiple exchanges and asset classes, generate indicators, and provide price predictions. The bot uses a non-code based command-line input and has integrated notification systems that alert users to changes in market patterns and trends.

The Avorak ICO investor count is a testament of the trust held in its potential for growth. As the project's launch draws near, it has taken proactive measures to ensure a smooth transition, such as not forming a US-based company in light of the unclear regulations, talks for additional listings to support its launch price of $1, and beta tests to ensure proper functioning of the network and its features.

Coinbase to Hong Kong

Coinbase, the largest crypto exchange based in the U.S. has continually advocated for clearer crypto regulations in the country. However, the U.S. has made no response to their queries, apart from a Wells notice and a recent lawsuit for allegedly offering the sale of 13 cryptocurrencies considered securities, among other allegations. Coinbase CEO Brian Armstrong has indicated in the past that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry does not become clearer.

Notably, amid the ongoing case, a Hong Kong legislator invited Coinbase and other virtual asset trading operators to establish operations in the region. Hong Kong's proactive regulation and commitment to being a digital hub creates a favorable environment for the growth of crypto exchanges, and while there's no official communication form Coinbase, it does present an intriguing option.

a16z to UK

Venture capital giant Andreessen Horowitz (a16z) announced that it has decided to establish its first office outside the U.S. in London, citing the U.K. government's willingness to create policies that foster decentralized innovation. a16z has invested in technology companies across sectors, including healthcare, biotechnology, fintech, and gaming. a16z has also been an active participant in the crypto and Web3 sectors, offering support to notable companies like Coinbase. By expanding its presence to the U.K. with great plans, such as a crypto startup school to identify and nurture future talent in the burgeoning fields of crypto and Web3, a16z demonstrates its long-term belief in the potential of the crypto market outside the confines of the U.S.

Andreessen Horowitz's strategic move positions London as an attractive destination for crypto entrepreneurs and solidifies the U.K.'s status as a global hub for innovation in the digital economy.

Conclusion

While no official confirmation has been made, Avorak has demonstrated its commitment to safeguarding the interests of its investors. And with continued ambiguity of crypto regulations in the United States, moving to a more receptive environment is not out of the question.

For more information on Avorak:

Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register