With regulation tightening and several cryptocurrency operations coming under the spotlight, the United States is not too friendly a place for the launch of new exchanges at the moment. In fact, Bitmora, a new cryptocurrency exchange is launching on May 26, has scaled back its plans and decided to move to Malta instead. The Mediterranean island, which is a fully-fledged member of the European Union, has continually attracted new businesses in the past months and looks to be a very important part of the cryptocurrency revolution.
Bitmora cited regulatory issues and other similar problems with banks amongst their major stumbling blocks, although they could also be in for a nasty surprise in Malta.
“The U.S. has caused nothing but trouble for us for the past year, everything from fundraising to regulation, and we’ve hit walls with American Banking Institutions,” the exchange said in a Medium post. “We’ve decided to do what many of our supporters have been urging for months now, move to Malta.”
However, the situation in the Mediterranean is not all that rosy either with several crypto-based companies reporting similar problems over opening of bank accounts and other regulatory issues. However, Malta recently tabled three important bills in Parliament, which could see a further regularisation of the crypto space. By the time Bitmora decides to launch, there could be interesting developments in this regard and the terrain would be friendlier for them.
Major exchanges have announced the setting up of their operations in Malta, including Binance, OKEx and DQR—all of which have consistently touted friendlier regulation and a positive attitude to the cryptocurrency revolution as the main reasons for their move. Still, there are pitfalls to be negotiated with regards to the setup of bank accounts and other operations on the island.
However, regulation does not appear to be the only problem for Bitmora with regards to its launch. It seems that the developers are currently not at all happy with the current platform and are looking to make considerable tweaks to the whole system before going live. Apparently, there are more features which need to be added and the developers are working on these to have the exchange ready to launch. Moving to Malta would also enable some more functionality to the platform which would be off-limits otherwise. These are intriguing developments for such a young company that is looking to go places in the cryptocurrency exchange space.
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