Bitcoin ATM maker moves to Switzerland amidst regulatory issues in other countries

04 Jan, 2019 | Updated: 04 Jan, 2019
by Colin Hawkins
Bitcoin ATM maker moves to Switzerland amidst regulatory issues in other countries

Lamassu Industries AG announces move to Switzerland via a blog post January 1, after revealing they have been rejected by 15 banks, for producing terminals for Bitcoin.

Even though Lamassu is not taking part in trading or storing the digital currencies, they have found backlash and struggled with regulations. Stripe, the payment processor also denied Lamassu, for just having the word “Bitcoin” on their website.

Lamassu’s solution for working around their regulatory headaches is moving to Lucerne Switzerland. They believe that Lucerne will be “a place where rules are well defined and regulators are pro-innovation.”

Switzerland is widely known for its friendliness towards crypto of all kinds. The city of Zug in Switzerland is a blockchain development hub and has even dubbed the name “Crypto Valley.” Zug has grown 177% compared to last year this being due to people interested and attending their tech related events.

Switzerland is not the only country accepting those in the crypto space with open arms. Other countries that share the same enthusiasm for crypto include Malta, Bermuda, Estonia and Liechtenstein. These countries are adjusting their regulations to welcome blockchain and crypto projects. Bermuda in July of 2018, set out to amend the Banking Act to accept a new class of banks that offers services to local fintech and blockchain organizations.

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