One of India’s largest virtual currency exchange Zebpay, has now moved its registered office in Malta and has suspended all operations and shut down the exchange in India. This move has been taken as the solution to RBI ban. The ban prohibits commercial banks from doing business with virtual currency exchange operators. This has restricted trade in Cryptocurrencies. It affected Zebpay’s Cryptocurrency business.
Zebpay’s new exchange will be providing services to residents of about 20 countries, except India. Apart from Malta, investors residing in Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, and Sweden can transact.
Why Malta has been Chosen for Zebpay’s New Exchange.
Malta, an island nation south of Italy in the Mediterranean Sea is chosen as the destination for opening up the new exchange since it is the most popular location for Cryptocurrency. Malta provides regulations that are favorable and more transparent towards virtual currencies. The legal certainty and the government approach to invite more Cryptocurrency companies have turned it into a haven for digital currency exchanges. Malta already accounts for the highest share in global Cryptocurrency trading volume.
The Exchange will function under the same name Zebpay and it will have a huge market shift.
Similarly, many digital exchanges are contemplating to shift their business to more Cryptocurrency friendly locations such as Australia, Singapore, Switzerland, Estonia, Malta, Japan, Dubai, and Cayman Island.
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