Geographic arbitrage play for crypto operators. Dubai/HK/Singapore offer regulatory clarity, no cap gains tax (Dubai/SG), and concentrated LP/founder density. Western jurisdictions increasingly hostile - SEC enforcement, IRS reporting requirements, banking derisking.
Real alpha is network effects. Institutional capital and top-tier builders clustering in APAC/MENA hubs. If you're running size or building, jurisdiction matters for deal flow and exit optionality.
Risk: regulatory landscape can shift fast. HK tightening post-2020, Dubai still proving durability. Singapore stable but expensive.
Bottom line: if you're serious capital or serious builder, being in NYC/SF is a tax on returns and opportunity cost on relationships.
Real alpha is network effects. Institutional capital and top-tier builders clustering in APAC/MENA hubs. If you're running size or building, jurisdiction matters for deal flow and exit optionality.
Risk: regulatory landscape can shift fast. HK tightening post-2020, Dubai still proving durability. Singapore stable but expensive.
Bottom line: if you're serious capital or serious builder, being in NYC/SF is a tax on returns and opportunity cost on relationships.