Poland's largest cryptocurrency company, Bitbay, relocating to Malta

Bitbay, Poland’s largest cryptocurrency company, announced that it will relocate to Malta.

The company said that it was suspending activity in the country and will instead be conducted by a new supplier in Malta. The reason for this was that the banks in Poland were no longer cooperating with the company, Bitbay said.

Bitbay stated that their business in Poland was contingent upon cooperation with national banks, but the last Polish bank ready to provide services to the exchange decided to cease its business with the exchange at the end May.

BitBay said it has been conducting a review of the most welcoming cryptocurrency EU jurisdiction for months now and Malta came out on top. BitBay said a “productive discussions” with government representatives meant the selection of Malta was the “best solution.”

This is not the first company which chose to relocate to Malta. Earlier this year, the world’s largest cryptocurrency exchange, Binance, said it will be relocating to Malta.

Tim Draper,  the US venture capital investor, also commended the Maltese government for its approach towards blockchain technology, insisting that Malta had a head start on a technological sector.

A regulatory authority to oversee innovative technologies that provide for decentralised electronic record-keeping will soon be set up as part of government's drive to capture the cryptocurrency market. Financial Services Parliamentary Secretary Silvio Schembri said that three proposed laws would make Malta “the world leader in economic innovation”.