Zebpay, India’s largest cryptocurrency exchange, is heading for Malta! Following in the footsteps of major platforms Binance and OKEx, the exchange has had no choice but to move its operations to the ‘blockchain island’ amid strict regulations in India.
Zebpay Moves to Malta
The exchange shut down its operations in India last month, due to strict regulations issued by the Reserve Bank of India (RBI) in April. The RBI dictated that banks cease business with any firms relative to cryptocurrency.
As such, Zebpay was forced to disable Indian Rupee deposits and withdrawals, and with a lack of funds, closed its exchange service across India. The company has lost some three million investors in light of this closure.
Zebpay in Malta
However, Zebpay in Malta will mean a bigger opportunity for the exchange. It will serve over 20 European countries with its support for over 20 cryptocurrencies.
However, it now won’t be accessible to users in India.
Instead, it will serve massive markets such as Germany, Sweden, and France, but breaking into the European market will be tough. It will have to work hard to regain some of those millions of lost users.
>> Ripple (XRP) and Litecoin (LTC) Make Moves in the Shadows
The European exchange market is a fruitful one, but it comes with massive competition.
Zebpay and the Malta Crypto Hub
Malta is a favorable jurisdiction for crypto business due to its transparent and fair regulations. Even its own prime minister has been touted as saying that cryptocurrency is “the inevitable future of money.”
Malta is positioning itself as a crypto hub with hopes of enhancing its economy and infrastructure by bringing these types of businesses to its shores.
Strict Asian regulations meant that Binance and OKEx were forced to move to Malta. And now Zebpay is the same. While this means great business for Malta, will India regulation authorities sit up and take notice?
Featured Image: Depositphotos/© egal