In line with a recent official ‘web-blog post‘, renowned Bitcoin [BTC] ATM [automated teller machine] manufacturer named Lamassu has shifted to Switzerland now, due to regulatory difficulties in other countries.
Lamassu — presently also called by the name of Lamassu Industries AG — has shifted to Swiss canton of Lucerne, as the firm needs “to be in an exceedingly place where rules are well outlined and regulators are pro-innovation.”
Lamassu outlined within the post that its applications to open an account were rejected by fifteen banks as it produces terminals for Bitcoin [BTC], whereas not being involved in trading or storing digital currencies. In addition, the corporate was supposedly rejected by payment processor Stripe for having the word ‘Bitcoin’ published on their web-site.
Switzerland on the other side is well-known for its crypto-friendly approach and blockchain development hub “Crypto Valley” within the city of Zug. Earlier in Dec., Zug was listed the fastest-growing tech. community in Europe. Zug came out top in an exceedingly comparison of year-on-year growth of attendees to tech-related “meetup” events per European town, with a 177% hike as compared with last year.
While several major corporations within the cryptocurrency ecosystem have settled to additional friendly jurisdictions as a way of regulative arbitrage. Even in May, the major cryptocurrency exchange in Poland, BitBay, set to suspend its activities within the country as banks would no further support with the company. The exchange proclaimed it’d instead be conducted by some other provider within the Republic of Malta, where native are more and more crypto-friendly.
Later in June, the world’s largest crypto exchange, Binance, set-up a bank account in Malta, stating that the new account was a “very significant” development since the exchange initially unconcealed it had been relocating its headquarters to the island. The move was reportedly taken within the wake of the ‘news‘ that Japanese regulators had issued a ‘warning‘ to the exchange.
Apart from Switzerland and Malta, other countries — like Bermuda, Estonia and Liechtenstein — are also actively adjusting and making legislation to welcome blockchain and crypto projects. In July, Bermuda proposed its plans to amend the Banking Act so as to ascertain a new category of banks that provides ‘services‘ to native fintech and blockchain organizations.