Just-In: Justin Sun takes on a new role of "crypto diplomat" for Grenada

Tron founder Justin Sun has embarked on a new journey as a “crypto-diplomat” for the Caribbean nation of Grenada. Sun would be responsible for bringing in more crypto opportunities for the small Caribbean nation.

Oliver Joseph, Minister of Foreign Affairs, International Business, and Caricom Affairs said that Sun was appointed Grenada’s representative to the World Trade Organization in Geneva.

Talking about his new role Sun asserted that developing nations such as Grenada holds key to crypto adoption across the world. He also said that the closeness of the Caribbean to the United States would be beneficial for the country. He explained:

“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 U.S., the regulatory environment is not good to cryptocurrency.”

Caribbean nations have become the latest crypto hub

The island nations of the Caribbean seem to be the new upcoming crypto ecosystem as major exchanges start opening their offices in various countries. The FTX cryptocurrency exchange recently moved to the Bahamas as well. Other island nations have sought to be at the cutting edge of innovation, with Barbados recently opening an embassy in Decentraland, a crypto metaverse. Puerto Rico has become a tax haven for the United States’ crypto-rich.

With Justin Sun focusing on his new journey as a diplomat, his involvement with his founding crypto project Tron seems to be nearing an end. Sun has already stepped down as the head of the Tron Foundation, which was established to advance the blockchain’s development. According to DappRadar, the network is home to over 1,300 active distributed applications. According to Sun, the foundation will close in July after exhausting nearly all of its cash.

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Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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