Poland‘s cryptocurrency exchange BitBay is shifting its offices to the crypto-friendly country Malta. In an announcement made on the official website yesterday, BitBay confirmed that it was suspending all its activities in Poland. The exchange could only operate in the country in collaboration with a Polish bank. However, the bank that promised to provide its services “undertook unilateral decision to finish the cooperation with BitBay with the effect at the end of May”.
May 31st is the last day crypto customers in Poland can access their BitBay accounts using the national currency, PLN. Until the end of the notice period on September 17th, all other functions will be available. However, after that Polish users will only be able to withdraw their funds.
BitBay will continue its operations under a new supplier in Malta. The exchange came to the decision after conducting various surveys and analysis as well as holding discussions with Maltese government.
Malta: The Blockchain Island
Malta is quickly becoming the perfect choice for crypto companies who are looking for a place where laws are flexible. Cryptocurrency exchange Binance announced on March 23rd that the company was moving to Malta since it “is very progressive when it comes to crypto and fintech”.
While BitBay didn’t provide further details, Binance stated that this decision would create 200 job opportunities for people. Cryptocurrency wallet Monaco Card also showed interest in following Binance’s lead. Cryptocurrency investment trading market Coinvest also published a press release stating that the company was relocating to Malta in April.
Unlike other countries, Malta established Malta Digital Innovation Authority to create flexible rules and regulations for blockchain and cryptocurrency-related projects. Their tax laws are also appealing for businesses since international companies are only required to pay 5% interest. Furthermore, Prime Minister Joseph Muscat has repeatedly shown interest in cryptocurrencies and called them the “the inevitable future of money”.
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