Bittrex, an American Cryptocurrency exchange has announced plans to open a branch in Malta next month. The US-based exchange is currently is seeking to reach more markets beyond America. Malta has emerged as a Cryptocurrency haven due to its Crypto -friendly policy that has seen the country put in place favorable regulations. Many Crypto firms are targeting the tiny European country as it could help them enter the world’s richest economic block.
Bittrex’s Malta Branch To Open Next Month
Bittrex Cryptocurrency exchange has officially announced a plan to open a new branch in Malta. According to the exchange’s co-founder and CEO Bill Shihara, the branch will be opened on October 1. While speaking at the Dunamu Developer Conference that was held in Jeju Island, he said the move will enable the exchange to list digital assets faster. As an incentive to attract more customers, Mr. Shihara added that the company listing will be for free.
The decision by the US-based exchange to enter Malta is a godsend to other exchanges operating within its network. According to the CEO, Dunamu’s Upbit in Korea will be among the major beneficiaries who will now be able to introduce the digital assets faster.
Upbit started introducing Cryptocurrency exchange services in South Korea last year after entering into a partnership with Bittrex. Upbit has now become one of the largest exchanges in Seoul. Under the partnership, the two companies collaborate in many areas. The two share coin listings and order book among other things.
The partnership is beneficial to both parties. According to Mr. Shihara, they comfortable with the plan and would like to renew it every year. He added that they have no plans of opening a Bittrex branch in Korea.
While speaking with The Investor, Mr. Shihara admitted that it has become difficult for them to work with the American government. However, collaborating with Dunamu has enabled them open new branches elsewhere. Consequently, as the companies deal with local regulations and banks, Bittrex would concentrate on making their exchange better.
Since May, Bittrex has been offering US dollar trading. The company said that it has no plans to introduce other fiat currencies. However, the company will continue adding more Cryptocurrencies that trade against the American dollar. The CEO said that he believes that blockchain is gaining more areas of application and within no time, everything will be built on the technology.
Cryptocurrency Regulation In Malta
Recently, Malta has emerged as the new Cryptocurrency hub. As most of the countries remain undecided on how to handle Cryptocurrency and blockchain technology, the tiny country has been on the center stage passing crucial regulations that have made it easy for Crypto firms to operate on its soil.
These efforts have begun to pay off as many Crypto businesses, especially those targeting the lucrative European market are opening branches in the country. Most countries struggling with Crypto regulation are turning to the smallest state in EU for benchmarking. The recent move by the American-based Cryptocurrency exchange is an indicator that the country has become a haven for the disruptive technology.