An innovative, new cryptocurrency exchange, Bitmora, announced its intention to expand its offices to Malta on Monday, delaying its launch that was originally planned to take place in the United States.
The California-based company promotes itself as an exchange built by real traders that intends to modernise the way that crypto exchanges operate. Originally set to launch on May 12th, the company has announced its decision to push the launch back two weeks, and is now scheduled to launch officially in Malta on May 26th.
In a statement on their website, the company detailed issues that it has encountered in the United States, ranging from fundraising and regulatory issues to roadblocks with banking institutions. It is these issues that spurred their decision to move from the difficult US jurisdiction to Malta, which is well on its way to becoming known internationally as a blockchain and cryptocurrency hub following the steps taken by the government to lay out a regulatory framework for the industry. Bitmore’s announcement echoes those of several major cryptocurrency companies’ recent plans to relocate their operations to the Mediterranean island, including those of Binance, the world’s largest crypto exchange.
In a statement on their website on Monday, Bitmore said the following regarding the crypto-friendly country:
“(Malta is…) a reasonably large name in the Cryptocurrency and Blockchain world and has been called the “Blockchain Island”. Malta is actively building a supportive regulatory and technical infrastructure to support the Blockchain industry. They are part of the EU, providing us direct access to some of the most crypto-friendly banking institutions in the world.”
Corrieri Cilia is a leading law firm based in Malta specializing in the areas of international business and taxation. If you have any questions regarding blockchain or cryptocurrencies, or need assistance in this field, please contact us on [email protected] to find out how we can help you.