India’s Largest Exchange Settles In Malta After Closure
The ventures are looking for friendlier jurisdictions especially in Europe.
Zebpay To Officially Operate In Malta
India is among countries with unfriendly cryptocurrency regulations. With such an environment, European Island Malta is reaping big. This is after a crypto exchange platform closed shop in India and relocated to Malta. Malta has made it clear about its intentions to be a leader in the crypto and blockchain sector.
Before its closure, Zebpay was the leading exchange platform in the Asian country. Media reports indicate that Zebpay has already registered an office in Malta ready to launch. Additionally, the exchange is also eyeing other European countries.
Data posted on the Zebpay website shows that the exchange will be accessible to residents from about 20 countries within Europe. Residents of France and Italy are among investors who will be allowed on the platform.
Zebpay has already received the necessary certifications from authorities in Malta and it will operate under the name Awlencan. The website further confirms that the exchange will have its offices along Trq Stella Maris.
Zebpay operators resolved to close shop after the government resolved to ban the involvement of financial institutions with cryptos. The Reserve Bank of India ordered hat any bank involved in assisting cryptos with fiat services will be banned. The decision crippled the sector since depositing and withdrawal of cryptos was no longer possible.
In a press statement, Zebpay stated that customers could no longer benefit from its services. The exchange stated that business was no longer meaningful. In the end, operators decided to shut down business. Prior to the closure, Zebpay had served in India for three years with a user base of three million. The exchange was also attracting thousands of investors on a monthly basis.
India made the announcement to ban crypto activities with banks back in April. Following the decision, the entire crypto and blockchain sector has been crippled. As an indirect effect, India is losing some of the best brains in the industry to other rival jurisdictions. Furthermore, business entities anchored on blockchain have been heading out of the country. A majority have been settling in Switzerland and Thailand.
At the moment, many crypto lovers are waiting to see if changes will be made to regulations imposed by India. It is not clear if the laws will be relaxed or scrapped in the end. Unconfirmed reports indicate that a state committee is set to present a report in December highlighting the importance of legalizing unregulated assets.