Regulatory issues has forced bitcoin (BTC) automated teller machine (ATM) maker Lamassu to transfer all the way to Switzerland, according to a blog post that was published at the start of the new year.
Lamassu — which now goes by the name Lamassu Industries AG — has relocated to the Swiss canton of Lucerne, because the company wants “to be in a place where rules are well defined and regulators are pro-innovation.”
Lamassu made the development known in the post that its applications to open an account were denied by 15 banks because it generates terminals for Bitcoin, while not engaging in trading or keeping digital currencies. In addition, the firm was supposedly denied by payment processor Stripe for having the word Bitcoin on its website.
Switzerland has gained a tremendous reputation for its warm crypto-friendly approach and blockchain development hub “Crypto Valley” in the city of Zug. Zug was actually ranked the fastest-growing tech community in Europe. Zug came out top in a comparison of year-on-year growth of attendees to tech-related “meetup” events per European city, with a 177 percent increase as opposed to last year.
A number of well-known companies in the crypto space have also transferred their operations to more friendly jurisdictions as a means of regulatory arbitrage.
Last year, BitBay, made the decision to halt its activities in the country as banks would no longer accommodate the company. The exchange then declared that it would be operated by a new supplier in the Malta, where local crypto regulations are friendlier.
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