Lamassu is a Bitcoin automated teller machine (ATM) producer which has moved its business to the European blockchain hub-Switzerland because of the country’s well-defined rules and regulations. We are about to find out more about the company’s decision in our latest blockchain news.
The ATM manufacturer now known as Lamassu Industries AG moved to Lucerne, Switzerland because as the company wrote in a blog post, the country offers well defined regulation and also supports innovation.
Most of the applications that the company sent out in order to open an account were rejected by 15 banks and the company was also rejected from other payment processor companies for having the word ‘’Bitcoin’’ included on their website.
Switzerland is one of the most crypto-friendly countries in Europe and it is considered as a blockchain hub especially the most advanced blockchain development hub, the city of Zug. Zug was named ‘’Crypto Valley’’ and it is one of the fastest-growing blockchain community in Europe.
There are plenty of crypto-related companies that have relocated their businesses to more friendly jurisdictions such as the popular Polish exchange BitBay which decided to suspend activities in the country after the banks decided not to cooperate with the company. The company moved to Malta-the well-known blockchain island.
Another huge exchange Binance also set up an account in Malta as a part of the development strategy after the news that Japanese regulators issued a warning to the exchange.
Apart from Malta and Switzerland, there are a few other countries such as Estonia and Lichtenstein who are constantly working on their crypto legislation and welcome blockchain projects. Bermuda also has plans to implement the Banking Act so they will be able to open banks that will offer crypto services.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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