There are many countries across the world that have embraced blockchain technology and crypto. They see the many benefits this technology can provide and they are eager to get on board. Companies are welcomed with open arms and the best talent gravitates towards these exciting projects.
However, there are some countries that risk being left behind. Many nations are hesitant to look into this technology, whereas some are outwardly abrasive about it. They are missing out on massive opportunities to make their processes more efficient and effective.
India is one of those nations. They enacted a ban on financial institutions in the country from providing financial services to crypto exchanges. This means that a lot of these exchanges were forced to close down. They could not offer fiat to crypto to their clients because of this ban.
The largest Bitcoin exchange in India is called Zebpay. They have announced that they have moved their operations to Malta. As of September, they are no longer operating in India. They currently have support for 20 different cryptocurrencies. They will now be able to serve customers in 20 different European countries as a result of this move.
No longer will they be dealing with users in India. They did not really have a choice in this matter following the ban that was introduced by the central bank in April.
They had at the time of closing about 3 million customers in the country. They had about half of the market share for crypto exchanges.
It will be exciting to watch Zebpay and to see how they will adapt to being in a new environment such as Malta. They are now in a place that encourages innovation in the blockchain and crypto space. They will be surrounded by like-minded individuals and companies that share the same aim.