Bitcoin (BTC) automated teller machine (ATM) manufacturer Lamassu has moved to Switzerland because of regulative difficulties in different countries, as per a web log post published January. 1.
Lamassu — currently known as Lamassu Industries Ag — has moved to Switzerland canton of Lucerne, as a result of the firm desires “to be in a place where rules are well outlined and regulators are pro-innovation.”
Lamassu disclosed in the post that its applications to open an account were rejected by 15 banks as a result of it produces terminals for Bitcoin, whereas not participating in trading or storing digital currencies. In addition, the corporate was supposedly rejected by payment processor Stripe for having the word Bitcoin on their website.
Switzerland is known for its crypto-friendly approach and blockchain development hub “Crypto Valley” within the city of Zug. In December, Zug was ranked the fastest-growing tech community in Europe. Zug came out top in an exceedingly comparison of year-on-year growth of attendees to tech-related “meetup” events per European city, with a 177 % increase as compared with last year.
Several major firms within the cryptocurrency area have relocated to a lot of friendly jurisdictions as a way of restrictive arbitrage. In May, the formerly largest cryptocurrency exchange in Poland, BitBay, decided to suspend its activities within the country as banks would no longer collaborate with the corporate. The exchange declared it'd instead be conducted by a brand new provider within the Republic of Malta, where native laws are a lot of crypto-friendly.
Later in June, the world’s largest crypto exchange, Binance, set up a bank account in Malta, saying that the new bank account was a “very significant” development since the exchange 1st disclosed it had been relocating its headquarters to the island. The move was reportedly taken within the wake of the news that Japanese regulators had issued a warning to the exchange.
Apart from Switzerland and Malta, different countries — like Bermudas, Estonia and Liechtenstein — are actively adjusting and making legislation to welcome blockchain and crypto projects. In July, Bermudas propose plans to amend the Banking Act so as to ascertain a brand new class of banks that gives services to local fintech and blockchain organizations.
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