Although crypto exchange Zebpay has made no official announcement, its website reveals that it has started offering its crypto wallet service for global customers via its offshoot in Malta. The website reveals that the newly launched Zebpay VFA Exchange will be administered by Malta-based company offshoot, Awlencan Innovations Malta Limited.
This need to seek new business pastures comes days after Zebpay found it difficult to continue offering its services in India in the wake of RBI’s ban that restricts regulated financial firms from having affiliations with cryptocurrency related firms. After the Reserve Bank of India (RBI) imposed the ban, crypto exchanges moved to the Supreme Court for help. However, the Supreme Court of India is yet to give its final judgment on whether to lift or stay the ban.
Malta’s welcoming regulations pertaining to virtual currency and other blockchain affiliated firms have enticed crypto exchange Zebpay along with other top cryptocurrency exchanges to the “Blockchain Island”. However, the exchange will be treading carefully in countries sanctioned by the United States of America and those that have heavy regulatory procedures such as Japan and Venezuela.
The Zebpay exchange has indicated that it will be fully adhering to the AML and KYC regulations. It has ensured that all its internal AML procedures are in accordance with the amendments made to the Fifth Money Laundering Directive, as stated in the Cryptoline News report.
Crypto exchange Zebpay will be offering its services to 20 countries including Greece, Malta, Belgium, Sweden, Netherlands and Poland among others. A lot of industry experts are of the opinion that India’s banking ban is a huge mistake, as it has driven away local players to crypto friendly venues. Likewise, China’s crypto ban has led to a mass migration of crypto start-ups to Malta, Japan, Singapore and South Korea, as stated in the Bitsonline report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]