Crypto industry changing the working landscape

The Industrial revolution and economic development pushed people to cluster in cities.

The Internet and remote working tools are now fuelling the inverse trend, as many companies and workers choose to settle beyond the established economic centers ?️

The crypto industry, being born in the era of digital nomads, is taking advantage of this trend fully. Not only most positions in crypto companies can be remote, some firms make a conscious choice to renounce the traditional notion of HQ for a network of smaller offices where employees can work from if they wish. One of the famous examples is world’s biggest exchange Binance, which will soon be followed by Coinbase that vowed to close its San-Francisco HQ in 2022.

Another San-Francisco based Kraken has also decided to quit the Golden City, but for another reason. San Francisco is facing a wave of crime, homelessness, drug abuse and the resulting unsanitary conditions, which all make up a rather unpleasant place to live.

This Wednesday Kraken CEO Jesse Powell announced the closure of its HQ in the center of San Francisco, reporting numerous employees being attacked on their way to/from the office, and business partners afraid to visit.

Where do crypto nomads go? Numerous jurisdictions in different parts of the globe attract crypto businesses with crypto-friendly regulations, and many propose a pretty nice lifestyle too ?️

El Salvador, Polynesian nation of Tonga, Rio de Janeiro, Switzerland cantons, Miami, Dubai… the list is quite long, and it has recently become even longer.

The president of Portugal’s Madeira autonomous region announced yesterday on Bitcoin 2022 conference that Bitcoin investors won’t have to pay any personal income taxes on crypto operations and businesses will be offered 5% tax, while the president of Prospera, an economic development hub situated on the Caribbean island of Roatan (Honduras) announced that crypto will de facto operate as legal tender in the jurisdiction.

Being able to choose your home freely is a privilege that crypto can offer. And as this inherently borderless industry grows bigger and more important by the day, it can transform not only the lives of its workers, but also the entire regions where crypto nomads decide to settle.