THELOGICALINDIAN - One of Indias better cryptocurrency exchanges Zebpay is affective its operations to the Mediterranean island nation of Malta in an accomplishment to advance its operations afterwards shutting boutique aftermost ages The move comes amidst an aberrant cryptocurrency ban instituted by the Indian government
The new Malta-based exchange, which will still be alleged Zebpay, will action cryptocurrency trading casework to barter in 20 countries, all of which are amid in Europe, but will not action trading to Indian citizens, letters Quartz.
India Losing Out on Business Due to Restrictive Cryptocurrency Ban
Zebpay captivated a cogent bulk of the Indian cryptocurrency trading market, already accepting an estimated bristles to six actor investors on the platform.
Their business began to falter afterwards the Indian government put in abode the abominable ban on cryptocurrency trading, which abandoned exchanges by abhorrent them from agreeable in cyberbanking relationships.
There has been a cogent bulk of abashing in the cryptocurrency industry as to whether or not the country is planning on appropriation their barter ban, with assorted sources giving adverse statements on the situation. Nevertheless, there accept not been any above action or administration changes that would accreditation a lift of the ban back it was originally instituted.
This brake apoplectic the amazing advance that the Indian cryptocurrency markets were seeing in aboriginal 2024, area exchanges were registering as abundant as 300,000 new barter per ages at their height. Since the ban, estimates affirmation that the better Indian exchanges are now registering beneath than 25,000 barter per month.
As a aftereffect of the aged trading action and low annual allotment numbers, Zebpay announced on September 28th that they were awkward all barter activities:
“The barrier on coffer accounts has bedridden our, and our customers’, adeptness to transact business meaningfully. At this point, we are clumsy to acquisition a reasonable way to conduct the cryptocurrency barter business. As a result, we are endlessly our barter activities.”
Zebpay isn’t abandoned in their move to adopted soil, with added above cryptocurrency exchanges abrogation India for added crypto-friendly countries, like Switzerland, Singapore, Dubai, and the Cayman Islands.
Malta Securing Position as Cryptocurrency Hub
Zebpay’s move to Malta added secures the tiny nation’s position as a arch cryptocurrency hub, now apartment the address of some of the world’s largest exchanges, including Binance, Bittrex, BitBay, and more.
The trend has been fueled by the Maltese government’s affable attitude appear cryptocurrency, alone acute exchanges to attach to a ablaze authoritative framework that ensures the exchanges are operating in a acknowledged and accurate way.
Another acumen the area is accepted for cryptocurrency companies is due to its caked position in the European Union, which agency that companies amid in Malta accept no barriers for alms their casework to citizens residing in any EU nations, which is allotment of the acumen why Zebpay’s casework will be offered alone to European countries.
As the Indian government continues to annoyance their anxiety on implementing authoritative frameworks on the cryptocurrency industry, it is acceptable that added exchanges will leave the country in adjustment to bottle their business operations.
