Bitcoin ATM Producer Moves to Switzerland Due to Regulatory Difficulties

Bitcoin ATM producer Lamassu has moved to the Swiss canton of Lucerne resulting from regulatory difficulties in different nations.

Bitcoin (BTC) automated teller machine (ATM) producer Lamassu has moved to Switzerland resulting from regulatory difficulties in different nations, based on a weblog put up printed Jan. 1.

Lamassu — now known as Lamassu Industries AG — has moved to the Swiss canton of Lucerne, as a result of the agency needs “to be in a spot the place guidelines are nicely outlined and regulators are pro-innovation.”

Lamassu revealed within the put up that its purposes to open an account have been rejected by 15 banks as a result of it produces terminals for Bitcoin, whereas not collaborating in trading or storing digital currencies. Additionally, the corporate was purportedly rejected by cost processor Stripe for having the phrase Bitcoin on their web site.

Switzerland is thought for its crypto-friendly method and blockchain growth hub “Crypto Valley” within the metropolis of Zug. In December, Zug was ranked the fastest-growing tech neighborhood in Europe. Zug got here out high in a comparability of year-on-year development of attendees to tech-related “meetup” occasions per European metropolis, with a 177 p.c enhance as in contrast with final 12 months.

Several main corporations within the cryptocurrency house have relocated to extra pleasant jurisdictions as a way of regulatory arbitrage. In May, the previously largest cryptocurrency trade in Poland, BitBay, determined to droop its actions within the nation as banks would not cooperate with the corporate. The trade introduced it could as an alternative be carried out by a brand new provider within the Republic of Malta, the place native legal guidelines are extra crypto-friendly.

Later in June, the world’s largest crypto trade, Binance, arrange a checking account in Malta, saying that the brand new checking account was a “very vital” growth for the reason that trade first revealed it was relocating its headquarters to the island. The transfer was reportedly taken within the wake of the information that Japanese regulators had issued a warning to the trade.

Apart from Switzerland and Malta, different nations — equivalent to Bermuda, Estonia and Liechtenstein — are additionally actively adjusting and creating laws to welcome blockchain and crypto initiatives. In July, Bermuda put ahead plans to amend the Banking Act with a purpose to set up a brand new class of banks that provides providers to native fintech and blockchain organizations.

Original supply: https://cointelegraph.com/news/bitcoin-atm-producer-moves-to-switzerland-due-to-regulatory-difficulties

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Source: BTC Upload