Poland’s Cryptocurrency Exchange BitBay to Relocate to Malta

The bank's move forces BitBay to relocate. The exchange chose Malta, where officials signaled an open stance toward blockchain and cryptocurrency. "We encourage our users to continue the cooperation with BitBay," the company said. "After logging on their account on the bitbay.net web page users will be able to create their own BitBay account in Malta."

The government approved a blockchain strategy this year, placing Malta among the first nations with a national commitment to the technology. Officials brand the island the "Blockchain Island." Zhao Changpeng, CEO of Binance, announced in March that his exchange would open a Malta office. "Malta is very progressive when it comes to crypto and fintech," he said.

Other major companies made the same choice. OKEx, a Japanese trading platform, and Neufund, a blockchain-based equity fundraising platform, announced plans to expand into Malta. This month, the government signed a partnership with Omnitude, a blockchain middleware firm, to develop a transport and logistics platform for the island's public transit system.

Lawmakers introduced three bills governing digital assets and blockchain technology. The Malta Digital Innovation Authority Bill sets up governance structures. The Technology Arrangements and Services Bill requires technology service providers to register. The Virtual Financial Assets Bill establishes rules for initial coin offerings.