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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