Saturday, August 24, 2019

Zebpay Moves to Malta Following Stringent Crypto Policies in India

Another fascinating angle to look at the stringent crypto policies in India is that it has now opened an entry for crypto firms to start considering relocation crypto friendly countries such as the blockchain island of Malta, which has gradually become a “crypto Silicon Valley.” Zebpay, which happens to one of biggest crypto exchange in the second most populous country in the world, appears to have moved on.

According to Quartz, Zebpay has officially registered an office in Malta with the purpose of providing services which are not restricted to “Crypto Silicon Valley” alone but also expected to extend to other European countries. The crypto trade firm went on to list about 20 countries whose citizens and residents are eligible to use the exchange platform; this is including major European countries such as France, Germany, Italy, the Netherlands, Ireland, Sweden, and Denmark.

The “Crypto Silicon Valley”

According to its website, Zebpay has been incorporated under the name Awlencan in Malta; the website revealed that:

“For all intents and purposes, Zebpay shall mean and include below – Awlencan Innovations Malta Limited [C-88318], a Maltese Registered Company with Office Address situated at: 48, Triq Stella Maris, Sliema, SLM 1765, Malta, which owns and operates the ‘Zebpay’ VFA Exchange Platform in Malta, hereinafter referred to as “Awlencan” or “Zebpay” or “company”   

Last month, it was reported that Zebpay broke the seemingly bad news that it would be shutting down operation in India; a decision that sent down chills down the “throat” of the Indian crypto ecosystem.’ According to Zebpay, this was as a result of the ban placed on the financial institutions which restricts the exchange from offering banking services to crypto businesses. Zebpay explained how the Central bank’s decision had slowed down operations on its platform:

“The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully,” stating further that: “At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.”

Prior to the clampdown by the Indian central bank, the exchange was experiencing significant growth. For instance; just three years after its launch, Zebpay already recorded approximately three million users, with hundreds of thousands of new users joining each month to show for its existence. No doubt, the banking freeze was really a blow on the exchange!

Related Article:  Indian Apex Court Advocate Insists that Cryptocurrencies Can't Be Controlled

Brain Drain in India Blockchain Space

Notably, the bank freeze, after being announced in April 2018, has proven to be affecting not only the digital currency exchanges but also a broader blockchain ecosystem in the world’s sixth-largest economy by nominal GDP. As parts of the adverse effects of this stringent regulation, the Indian government could be causing a brain drain in the country’s cryptocurrency and blockchain space. For a country like India, this is not so good, as it might significantly increase unemployment.

Also, major businesses and investors in the crypto sector are moving out of India to make investments in other countries considered to be crypto conducive such as Switzerland, Estonia, and Thailand. This is precisely what follows a clampdown on any sector.

Though enthusiasts are still waiting to see whether or not the Indian government would change its position on the crypto sector, it seems as though enthusiasts might have to wait forever because the Indian government is not reversing its position, instead, it is making more stringent rules. For instance, a government panel will possibly table a report in December proposing the holding of unregulated crypto assets to be illegalized.

More Articles

Indian Government Considers Launching a State-Backed Crypto Token For...

The Indian government is considering the possibility of launching a digital token of its own which would be used for financial activities within its...

Ellen Gives Bitcoin Crash Course to her Viewers

Today, in a segment highly viewed on national TV, famous hostess Ellen DeGeneres in her show "Ellen" touched the bitcoin subject with a bit...

Monero Forks Away From Bitmain ASICs. Ethereum To Follow?

Today, Monero, the privacy-oriented cryptocurrency completed a hard fork. This with the main objective of avoiding centralization of the hash rate by Bitmain, the...

Coinshares Report Concludes Mining Is A Green Industry

A new report from Coinshares has found out some surprising facts about bitcoin mining. The paper called "The Bitcoin Mining Network" concluded that bitcoin mining...

Selling Off Bitcoin For Delayed ETF Postponement Makes No...

A cryptocurrency enthusiast and the Chief Executive Officer of BKCM, Brian Kelly has warned Bitcoin bulls who have taken advantage of the ETF approval...

Kubitx, A Nigerian Startup Launches Beta Version of Cryptocurrency...

The launch of the beta version of Kubitx exchange was announced on Thursday which will see to further boosting of cryptocurrency trade in Africa,...

Multi-Functional Cryptocurrency Trading Platform COVESTING Made Public

COVESTING hosted a live recording of a demo for the beta of their trading platform spearheaded by the CEO Dmitrij Pruglo. The said trading...

Chinese Traders Defy Government Ban Through VPN and Tether

Chinese Traders and cryptocurrency enthusiasts based in China have now found ways to circumvent the government’s ban and resistance to cryptocurrency trading by using...

Venezuelan Miner Harassed By Police Flees Country To Survive

For some, cryptocurrencies are just only a hobby; others think seriously in them as the future of currency. But for some people in impoverished...

Crypto Market Price Crash: Could This Be Healthy?

The end of the year is usually filled with high expectations from cryptocurrency investors and traders, but the decline in the prices of major...

Over 950 Couples in Nevada Receive Blockchain-based Marriage Certificates

In Washoe County, Nevada, digital certificates are being issued to married couples as proof that they have been legally wedded. The certificate makes use of...

How To Use MarketCap & Supply To Determine A...

A cryptocurrency's market capitalization and supply are usually ignored while more priority is given to its price. However, the latter should be...

Latest Articles

Why Some Financial Bubbles Are Necessary Economic Disasters

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...