The repressive approach of the Polish Financial Supervision Authority and the National Treasury Administration prompted the president and founder of BitBay Sylwester Suszek to take the decision to transfer the stock exchange to Malta. What solution has BitBay applied with Malta in the background?
Poland is losing a billion-dollar business. BitBay, the largest Polish cryptocurrency exchange moves its headquarters to Malta. Poland is struggling with cryptocurrencies. The dynamic development of the cryptocurrency market in Poland creates challenges for both natural persons (unfavorable rules for settling the cryptocurrency tax), as well as for legally registered cryptocurrencies in Poland.
A different position to the cryptocurrency issue is presented by other European countries. The BitBay Exchange was tempted by Switzerland, Belarus (they offered a 5-year income tax exemption), the aforementioned Malta, as well as more exotic destinations like the United Arab Emirates. Ultimately, the chairman of BitBay chose Malta, of which he informed during the Friday Bitcoin Congress. BitBay will join another stock exchange that has moved its headquarters to this Mediterranean country – the world giant Binance.
The dynamic development of cryptocurrencies and blockchain technologies outstripped Polish rulers. The Polish state, instead of supporting innovative enterprises and industries, puts obstacles in their way. Instead of creating friendly conditions for running a business – it accuses entrepreneurs with absurdities of bureaucracy. Fortunately, other countries have a different attitude towards the cryptocurrency industry, thanks to which it is possible to legally operate both stock exchanges and traders abroad.