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.
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"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
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Bitcoin ETF: SEC Receives 84% Negative Feedback On Application
“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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