Home News Bitcoin ATM Producer Moves to Switzerland Due to Regulatory Difficulties

Bitcoin ATM Producer Moves to Switzerland Due to Regulatory Difficulties

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Bitcoin (BTC) automated teller machine (ATM) producer Lamassu has moved to Switzerland due to regulatory difficulties in different international locations, in accordance to a weblog put up published Jan. 1.

Lamassu — now known as Lamassu Industries AG — has moved to the Swiss canton of Lucerne, as a result of the agency desires “to be in a place where rules are well defined and regulators are pro-innovation.”

Lamassu revealed within the put up that its purposes to open an account had been rejected by 15 banks as a result of it produces terminals for Bitcoin, whereas not participating in buying and selling or storing digital currencies. Additionally, the corporate was purportedly rejected by cost processor Stripe for having the phrase Bitcoin on their website.

Switzerland is understood for its crypto-friendly strategy and blockchain improvement hub “Crypto Valley” within the metropolis of Zug. In December, Zug was ranked the fastest-growing tech neighborhood in Europe. Zug got here out high in a comparability of year-on-year development of attendees to tech-related “meetup” occasions per European metropolis, with a 177 % improve as in contrast with final 12 months.

Several main firms within the cryptocurrency area have relocated to extra pleasant jurisdictions as a method of regulatory arbitrage. In May, the previously largest cryptocurrency alternate in Poland, BitBay, decided to droop its actions within the nation as banks would not cooperate with the corporate. The alternate introduced it will as an alternative be carried out by a brand new provider within the Republic of Malta, the place native legal guidelines are extra crypto-friendly.

Later in June, the world’s largest crypto alternate, Binance, arrange a checking account in Malta, saying that the brand new checking account was a “very significant” improvement for the reason that alternate first revealed it was relocating its headquarters to the island. The transfer was reportedly taken within the wake of the information that Japanese regulators had issued a warning to the alternate.

Apart from Switzerland and Malta, different international locations — reminiscent of Bermuda, Estonia and Liechtenstein — are additionally actively adjusting and creating laws to welcome blockchain and crypto tasks. In July, Bermuda put forward plans to amend the Banking Act so as to set up a brand new class of banks that provides companies to native fintech and blockchain organizations.




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