Zebpay Lives! Malta Rolls Out Welcome Mat to Indian Crypto Exchange

Malta has done it again. It’s favorable and clear regulations have enticed previously MIA Indian exchange, Zebpay, to enjoy island life and crypto-friendly legislation.

Did you ever lose a favorite item like a necklace or a pair of sunglasses, and then one day you find it and all is right with the world again? This could be what previous customers of Zebpay were feeling when it was recently reported that the crypto exchange has opened its doors again.

Crackdowns and Bans

Last month, Live Bitcoin News reported that one of India’s most popular exchanges had closed up shop due to the country’s reserve bank’s controversial ban. In addition, India, like many countries, has no clear guideline or framework when it comes to regulations.

That didn’t stop the country’s tax authorities from cracking down on exchanges, one of which was Zebpay. This, coupled with the ban and murky regulations, led to the exchange closing down. At the time of closure, a statement on the platform’s blog read:

The curb on bank accounts has crippled our, and our customers’, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. As a result, we are stopping our exchange activities.

After news broke, Indian-based exchange, Bitbns, gallantly offered a helping hand in the form of assisting Zebpay’s three million customers to move to their exchange.

Zebpay Moves to Malta

However, according to Quartz India, Zebpay has now been welcomed with open arms to the “blockchain island” of Malta.

The picturesque island nation continues to attract big industry names including Binance and Bittrex. Its government has drafted legislation and its Prime Minister has even spoken about how crypto and blockchain could be the driving forces of the future at a recent UN address.

Zebpay will be providing services to 20 countries which include France, Germany, Sweden and, of course, Malta. One country that will not be serviced though is India. While the exchange has issued no official statement as yet, their website does list a Maltese location as an address for the company.

This is another example of what happens when governments fail to capitalize on the potential that crypto presents. Gone are the days when a business’s location was dependent on where they started. In the world of disruptive technology, it is dependent on where they will receive the most favorable regulations. This is what Malta understands and why they continue to explore and implement this technology in their country.

Straddling the fence when it comes to developing clear guidelines could result in bright talent and innovative platforms leaving countries and taking their money with them.

Do you think that Zebpay will thrive now that they’re in the crypto-friendly country of Malta? Let us know in the comments below!

Images courtesy of Shutterstock.