Tuesday, June 25, 2019

Bitcoin ATM Manufacturer, Lamassu Relocates to Switzerland Due to Regulation Issues

Lamassu, a Bitcoin ATM manufacturer, has relocated to Switzerland from Portugal due to regulatory issues and the inability to operate a bank account. The company revealed this on Medium on January 1, stating that they are now in the Crypto Valley, a region in Lucerne, Switzerland.

Company Says Switzerland Has Well Defined Crypto Regulations

Based on the Lamassu’s report, Switzerland has well-defined regulations when it comes to the crypto Industry. This is a region whose regulators encourage innovation with the use of modern technologies. An instance was given of several Blockchain events that have been held and the region’s advancement in crypto development.

As a result, this provides an environment for the company’s business to thrive. This was also attributed to the fact that Bitcoin ATMs are being used in the region. In the company’s opinion, remarkable things are happening in Switzerland. Notable among them is the design of hardware wallets, as well as, Open source Bitcoin and Lightning Network nodes.

15 Banks Refuse to Provide Financial Services to Lamassu

Although Lamassu’s manufactures hardware devices and does not trade or store digital assets, they were rejected by 15 banks. These financial institutions did not want to have any dealings with them because they are in the cryptospace. Specifically, Stripe, a payment processor closed its doors to the company because they have the word ‘Bitcoin’ on their site, Lamassu reports.

Now, gaining access to financial services is no longer a problem since the company is operating a bank in Switzerland. It was revealed that a financial institution in Canton Aargau welcomed them after having full knowledge of the company’s operations. Lamassu also says that in the coming months, the bank will possibly feature one of its Bitcoin ATMs.

Over 4,000 Bitcoin ATMs Around the World

The number of BTMs in the world is on the increase judging from the data released by Dcresearch, a consulting research firm on December 30. Dcresearch stated that there are currently about 4,000 of these devices around the world. Also, Lamassu is the third largest producer following closely behind Genesis Coin and General Bytes who are its competitors.

Asides from Lamassu, other companies in the industry, have relocated to crypto friendly regions. Some of these are virtual currency exchanges like Binance who is now based in Malta, a region with friendly regulations. The exchange had relocated to the region last year after receiving a warning from Japanese regulators.

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