70% of Top Exchanges Registered Offshore
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An editor at Coincrop
17 Mar 2023 | 3 min read
70% f the top 30 crypto exchanges are registered in offshore locations, namely Seychelles, the Cayman Islands and British Virgin Islands. Offshore registration makes it much simpler for these digital currencies to operate and protect their wealth from taxation or government interference. With this unique setup, users can enjoy an unprecedented degree of freedom with reliable service that is both secure and cryptographically sound.
A report from CoinGecko reveals that out of 30 top crypto exchanges, an impressive 70% (or 21) are located in offshore financial centres.
According to the report, offshore financial centres are "territories that attract foreign investments through accommodating flexible regulations and taxes." The most sought-after destinations for crypto exchanges include Seychelles, Cayman Islands, and British Virgin Islands.
According to the report, 30 of the biggest crypto exchanges are spread out in 15 different countries. This makes up for 37%. Out of these large-scale platforms, 11 can be found within North America - with four incorporated in The British Virgin Islands, three located in the Cayman Islands and two placed inside U.S borders.
Examining the data in terms of countries, Hong Kong stands out as hosting the most crypto exchanges. A remarkable six out of thirty big players are based there, representing a whopping 20%
Following Hong Kong with the most cryptocurrency exchanges, Gibraltar and the British Virgin Islands come in a close second and third with five and four exchanges respectively. Meanwhile, Seychelles is home to three major platforms – OKX, KuCoin, as well as MEXC Global.
ChrisAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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