BitBay migrates to Malta

Polish crypto exchange BitBay is preparing to move its operations to the “blockchain island” of Malta after suspending its operations in Poland.

BitBay representatives said that exchange operations will be carried out according to new rules of the Republic of Malta, which is a country focused on cryptocurrency trading.

This decision was made two months after the two largest crypto exchanges, Binance and OKEx, announced their plans to expand operations in Malta. This decision is also related to the unilateral agreement of Polish banks not to cooperate or provide banking services to crypto exchanges. The last of the banks will stop providing their services at the end of May.

BitBay will terminate all contracts with its users before September 17. Trading on BitBay in Poland will then be suspended and users will only be able to withdraw funds from their accounts.

Meanwhile, access to accounts in Polish zlotys will not be possible from the end of May. All other functions of the exchanger in Poland will be available until September 17.

The position of the Polish government regarding cryptocurrencies is tough, even despite the recognition of digital trading and mining. Malta, on the other hand, is actively creating regulatory and technical infrastructure for distributed ledger technology, ICOs and crypto investment kits.  

The Maltese government previously announced its plans to create the Malta Digital Innovation Agency, which will aim to ensure legal stability for the use of blockchain technology and cryptocurrencies.

According to rttnews