Although, an official announcement has not been made yet but right there on Zebpay’s exchange website, is boldly written that the Malta-based company offshoot, Awlencan Innovations Malta Limited will be administering its newly launched Zebpay VFA Exchange together with its crypto wallet service for global customers.
In an effort to seek new business pastures, Zebpay decided to collaborate with a well known enterprise located in the blockchain Island, due to the the wake of RBI’s ban in India that restricts regulated financial firms from having affiliations with cryptocurrency related firms. Exchanges had to seek the supreme court for help when this ban was imposed but up to this moment, the court have not yet concluded on whether to lift or stay the ban.
Malta’s welcoming regulations pertaining to virtual currency and other blockchain affiliated firms have enticed crypto exchange Zebpay along with other top cryptocurrency exchanges to the “Blockchain Island”. However, the exchange will be treading carefully in countries sanctioned by the United States of America and those that have heavy regulatory procedures such as Japan and Venezuela.
The Zebpay exchange has indicated that it will be fully adhering to the AML and KYC regulations. It has ensured that all its internal AML procedures are in accordance with the amendments made to the Fifth Money Laundering Directive.