Bittrex has had a big year. Despite the gloom of the continually and disastrously bearish crypto markets, the company has been working overtime to cooperate with regulators in an effort to expand operations and grab hold of an increasingly global crypto and blockchain community. The work is largely a good thing for the crypto space, a sector that could really use the support of global institutional players in order to further the mass adoption process and—hopefully—recover from one of the worst crypto years in recent memory.
Malta is one of the biggest hotspots for cryptocurrencies in 2018. Although many countries, states, and even cities compete for the title of the “crypto hub” of the world, Malta was quick to institute a simply but effective regulatory framework to encourage the healthy and protected growth of the cryptocurrency industry quickly rallying in the country. As a result, the small nation has seen several major cryptocurrency exchanges begin operations within its borders, taking advantage of lax oversight and a communicable regulatory organization.
Bittrex Global Expansion Plans
The move is not an isolated one. Bittrex is starting an operation in Malta as a part of a larger “global expansion plan” meant to extend the company’s reach to a greater number of countries and a greater portion of international clients and constituents. The cryptocurrency community is, for the most part, beyond excited to see Bittrex extend into more countries.
This is an especially important decision for some citizens in countries where Bittrex is not currently operational. Working with Maltese regulators could help Bittrex to reach a greater number of countries and retail investors in constituencies all around the world. This is very good for many, considering the warm reception that the crypto space has given the user-friendly interface and fair practices of the multi-token exchange.
The decision, though, seems to be about much more than simply expanding the corporate reach of the massive trading platform. Additionally, the company’s Chief Executive Officer (CEO) outlined that the listing process “will be much easier and faster” in Malta than it had been in the United States. Because of the regulatory framework of Malta which Bittrex has tailored their new subsidiary to conform to, the country will allow them to extend every existing token—and potentially more—to clients all over the world.
The company’s decision to move to Malta seems to be motivated in equal parts by efficiency and ambition. In either case, though, this newest move seems to be a very good thing for both current and future users of cryptocurrency that enjoy the Bittrex platform. Their innovative interface and expansive list of available coin pairings continues to win the praise of analysts and investors alike, and many look forward to being able to use the new service under a new compliance framework.
Bittrex’s CEO also spoke on the difficulty of US regulators, saying that the U.S. framework—which continues to change—makes it difficult for the company to operate globally. Malta continues to present itself as an optimal alternative with much to offer cryptocurrency exchanges seeking better compliance.