BitBay, the largest crytocurrency exchange in Poland has announced that it is suspending its activities in the country. The company said the move comes after all banks in the country after all banks declined to engage in any business with it.
Relocating business to Malta
Like many crypto-related companies that have been shifting their businesses to Malta, BitBay has announced that it is moving its businesses to Malta. The company has announced that it will terminate its user contract to offer services and will observe a one month notice period that will come to an end on September 17. After the expiry of the period, users will only be able to withdraw their money.
Many blockchain companies and cryptocurrency exchanges have been trooping to Malta, which has earned the name “Blockchain Island”. The island has positioned itself as a blockchain hub and has attracted several technology and blockchain specialists. Recently, Binance, one of the largest crypto exchanges in the world announced its move to the island.
Many players in the cryptocurrency industry are seeing the island as the best location to move their businesses. The country has a legal framework that is friendly to blockchain and cryptocurrency industry. The country’s IT sector is well developed to offer enough support to crypto industry. Malta has a growing market and a conducive business environment which make starting and running a company much easier.
In addition, the country has been offering incentives meant to attract investors in upcoming industry. These include offering citizenship and residency to investors in the target sectors. The government has also issued tax holidays for people who want to invest in the blockchain sector.
Many countries as well as the mainstream financial have been very hostile to cryptocurrency companies. Recently, the Chinese government banned trading in cryptocurrency. India also issued a similar directive. The Reserve Bank of India banned all financial institutions to stop from conducting business with cryptocurrency exchanges. However, the directive has been challenged in the court. Zimbabwe also banned digital currency trading in the country. However, the decision was challenged and overturned by the court.