Grenada lets crypto king Sun rise

A controversial Chinese cryptocurrency tycoon claims he has become a diplomat in Granada after living there since 2019.

Justin Sun, founder of the Tron cryptocurrency platform and one of the more high-profile operators in the digital-asset world, was appointed Grenada’s representative to the World Trade Organisation in Geneva, according to Oliver Joseph, minister of Foreign Affairs, International Business and CARICOM Affairs.

Sun claims to be phasing out his participation in crypto-related projects to concentrate on his diplomat role. That includes Tron, the block chain that’s a top network for its controversial coin Tether and supports hundreds of gambling and gaming apps.

Sun, 31, first gained notoriety for a bungled Tesla giveaway then the saga of his delayed meeting with billionaire investor Warren Buffett in 2020 and a few months later. Sun has faced a revolt at a crypto social network company he acquired. Before getting into crypto, Sun co-founded Peiwo, a popular Snapchat-like app for China with millions of users.

“Our crypto industry has got into the stage, we really need sovereign states and regulators and international organisations to recognise the potential and the benefits of the block chain technology,” Sun said. “That’s why I think I will focus lots of my energy, to try and push block chain technology and cryptocurrency - the importance of all of this in developing countries and developed states as well. I will also try to promote new technology development in Grenada.”

Other crypto entrepreneurs and ventures have been moving to the Caribbean. Exchange FTX recently relocated to the Bahamas. Other island nations have been seeking to be at the forefront of innovation, with Barbados recently opening an embassy in Decentraland, a crypto metaverse. Puerto Rico has become a US tax haven for the crypto wealthy. Latin American countries are starting their own crypto currency projects too.

“The Caribbean has a huge potential to become a very good place for entrepreneurship, and also be the next Singapore,” Sun said. “The reason is, Caribbean states are very close to the United States, which I think is very important. But also it is important you are not in the United States. If you are in the United States, you are going to fall into a lot of very strict regulation, and also taxation. In the US, the regulatory environment is not good to cryptocurrency.”