The harsh cryptocurrency regulatory climate in India has turned out the gift for the self- styled blockchain island of Malta as one of the cryptocurrency exchanges that recently shut down in the world’s second-most populous country has decided to move operations there.
Zebpay’s decision to shut down its Indian operations was announced last month and this was blamed on a move by the Reserve Bank of India to ban the financial institutions that it regulates from offering banking services to crypto businesses.
In Malta, Zebpay has been incorporated under the name Awlencan, according to its website:
“For all intents and purposes, Zebpay shall mean and include below – Awlencan Innovations Malta Limited [C-88318], a Maltese Registered Company with Office Address situated 48, Triq Stella Maris, Sliema, SLM 1765, Malta, which owns and operates the ‘Zebpay’ VFA Exchange Platform in Malta, hereinafter referred to as “Awlencan” or “Zebpay” or “company.”
“The curb on bank accounts has crippled us, and our customer’s, ability to transact business meaningfully,” Zebpay wrote in a statement at the time. “At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.”
At the time, Zebpay, which was only launched three years ago, had amassed approximately three million users with hundreds of thousands of new users joining each month prior to the banking freeze by India’s central bank.