96 Interactions, 2 today
Kraken, Bitfinex, and KuCoin might be the next big cryptocurrency exchanges to try to serve India’s projected 15 million crypto investors.
Some of the largest names in the cryptocurrency exchange industry are apparently anxious to enter India’s cryptocurrency trading sector, despite the government’s failure to publish clear regulatory standards.
According to Reuters, sources say Kraken, Bitfinex and KuCoin are examining the potential for setting up shop in India.
Crypto exchange giant Binance entered the Indian market back in 2019, acquiring one of the country’s most recognizable cryptocurrency trading platforms WazirX.
The aforementioned trio may adopt a similar entrance approach by purchasing or creating strategic alliances with other Indian cryptocurrency exchanges.
According to Reuters, major major exchanges are already analysing the operational environment in India, including preliminary due diligence for acquiring local crypto exchanges.
Apart from working with Indian crypto exchanges, these platforms may choose to build a subsidiary presence in the nation.
As previously reported, US exchange powerhouse Coinbase has revealed ambitions to expand its operations to India and has began employing engineering, customer service, and software development expertise in the nation.
In April, the business also appointed Pankaj Gupta as vice president engineering for Coinbase India. Gupta formerly served as the technical head for Google Pay’s India and Asia Pacific operations.
Despite the country’s absence of a defined legislative framework for cryptocurrencies, there is increased interest in India. Concerns over a blanket ban earlier this year seemed to have given way to ideas of more nuanced controls.
The Reserve Bank of India, on the other hand, remains adamantly opposed to cryptocurrencies, declaring that its policy on digital currencies remains unaltered. However, the central bank clarified in March that it had not advised banks to avoid cryptocurrency exchanges.
In March 2020, India’s Supreme Court overturned the RBI’s crypto prohibition, which barred crypto exchanges from opening bank accounts in the nation.
The RBI restriction is said to have had an influence on the country’s crypto business, which was valued around $12.9 billion at the peak of the bull run in 2017.