Some of the biggest names in the crypto exchange business are reportedly eager to take over India’s cryptocurrency trading market, even though the government is yet to issue clear regulatory policies.
According to Reuters, sources say Kraken, Bitfinex and Kucoin are check of Possibility of setting up shop in India.
Crypto exchange giant Binance entered the Indian market in 2019 by acquiring WazirX, the country’s most recognizable cryptocurrency trading platform.
The above trio may follow a similar entry strategy by securing or forming strategic partnerships with other Indian crypto exchanges.
According to a Reuters source, these global exchanges are already in the process of understanding the operating conditions in India, including initial due diligence to acquire local crypto exchanges.
Apart from partnering with Indian crypto exchanges, these platforms may also choose to go the supportive route to establish their presence in the country.
As previously reported by Cointelegraph, the United States exchanges the behemoth Coinbase announces plans to expand its business in India And has since started hiring engineering, customer support and software development experts in the country.
in April, The company also hired Pankaj Gupta To play the role of Vice President Engineering for Coinbase India. Gupta is a former engineering lead for Google Pay’s India and Asia Pacific operations.
Despite the lack of a clear regulatory framework for cryptocurrencies in the country, there is renewed interest in India. Fears of a complete ban earlier this year seem to have paved the way for discussion more precise rules.
However, the Reserve Bank of India Strongly opposes cryptocurrency stating that its position on virtual currencies remains unchanged. However, the central bank clarify Back in March that it had instructed banks not to abandon crypto exchanges.
The Supreme Court of India overturned the RBI’s crypto ban in March 2020, which barred crypto exchanges from operating bank accounts in the country.
The RBI ban reportedly affected the country’s crypto industry which was worth approx. $12.9 billion At the height of the bull run in 2017.