The future of the Indian crypto market now directly depends on the court's decision in the litigation between the exchange and the Central Bank. The hearing at which a decision is to be made has already been postponed several times and is now scheduled for October 23.
Difficulties with regulation forced the cryptocurrency exchange Zebpay to cease its operations in the country and move to friendly Malta.
The Central Bank of India is hostile to any activity related to cryptocurrencies, so there is a constant struggle between the regulator and representatives of the crypto space. Since the future of cryptocurrency in India is unclear, many companies are moving their operations to other countries.
By moving to Malta, Zebpay will provide its services to residents of more than 20 countries, excluding India. Crypto investors living in countries such as Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, the Netherlands, Poland, Portugal, Slovenia and Sweden will be able to use the services of the exchange.
At one time, the Zebpay exchange served half of the 6 million crypto investors in the country.
Malta is happy to welcome a new player to the market, which is beneficial for both the exchange and users. Favorable regulation has made the island nation one of the most comfortable countries for crypto companies and investors. It's no surprise that Malta has the world's largest share of cryptocurrency trading volumes.
Binance, the world's largest cryptocurrency exchange, plans to open a regulated crypto bank in Malta, according to BTCManager.
According to btcmanager.com
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