Several major global cryptocurrency exchanges are reportedly exploring ways to enter the Indian crypto market. An official of a crypto firm said, “Indian market is huge and it is only starting to grow, if there was more policy by now then Indian consumer would be spoiled for choice in terms of exchange because everyone is here to stay. wants.”
Major crypto exchanges looking to enter India
Global crypto exchanges are exploring ways to enter the Indian cryptocurrency market, Reuters reported. Four sources told the publication that US-based Kraken, Hong Kong-based Bitfinex and rival Kucoin are actively exploring the Indian crypto market. A source claimed to be directly associated with an exchange that is looking to acquire an Indian crypto firm and has started due diligence for the same. Source described:
These companies have started talks to better understand the Indian market and entry points.
The other two exchanges are in the early stages of deciding to enter India and weigh their options, the publication reported. It usually comes down to a choice between setting up an Indian subsidiary or acquiring a local firm. Another US-based crypto exchange, coinbasehas already announced plans to have a back office in India.
Although there is no official data, industry analysts estimate that there are 15 million crypto investors in India who have more than 100 billion rupees ($1.37 billion), the publication said. Kumar Gaurav, Founder, Digital Bank Cashaa, commented:
The Indian market is huge and it is only starting to grow, if there was more policy by now then Indian consumers would be spoiled for choice in terms of exchanges, as everyone wants to be here.
Meanwhile, the Indian government is yet to introduce a cryptocurrency bill. The current bill seeks to ban cryptocurrencies, including bitcoin. However, there are reports that the government is re-evaluating the ban recommendations and setting up a panel of experts To come up with new recommendations to regulate the crypto industry.
The central bank, Reserve Bank of India (RBI) recently clarified its position on cryptocurrencies. RBI governor said that the central bank still has major concerns. However, the RBI told banks that its April 2018 circular prohibited financial institutions from providing services to crypto businesses and traders. no longer valid.
What do you think about global crypto exchanges looking to enter the Indian crypto market? Let us know in the comments section below.
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