Countries hostile to cryptocurrencies are increasingly at risk of losing profitable activities to those who have already adapted to new technologies. This is the case of the Bitbay exchange
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In a financial and competitive environment that is now global, countries that are too cautious or even hostile to cryptos risk losing excellent opportunities.
The last case is that of Bitbay, the first Polish exchange with over 200 employees and 800 thousand customers, which has decided to transfer its operations from Katowice to Malta.
The reason for this is precisely the ostracism of the Polish banking system, which has closed all access to it.
A company statement states: “The activities of the Bitbay exchange in Poland require the cooperation of Polish banks. Unfortunately, the last bank to provide us with services unilaterally decided to terminate the relationship at the end of May. Under these circumstances, we cannot remain in Poland“.
The transfer will take place in two phases.
As of 31 May, it will no longer be possible to access Polish bank accounts, but all the other functions of the exchange will be active. Then, from September 18, users will only be able to withdraw their funds, while trading will be completely suspended.
Operations in Malta will be carried out using the same IT platform as in Poland, using the Bitbay website, which is also registered by the parent company.
The choice of Malta is almost obvious within the European Union, after the Mediterranean island authorized and regulated ICOs with three specific laws, legitimized the use of smart contracts and created an agency to follow the development of finance technology.
Malta’s clear and comprehensive legislation has made it the ideal place to engage in blockchain-related activities, including for the collaboration of a non-hazardous banking system.
This may involve a shift of the European financial heart, currently in Brexit’s London, where, among other things, traditional finance is not very open to innovations.