Cryptocurrency exchange OKX is exploring ways to enter the Indian market as part of a plan to expand its services. This is reported CoinDesk.
The company’s marketing director Haider Rafik noted that there are now 200,000 users of the platform wallet in the country – this is only 5% of the participants in the local Web3 sector.
“We are going to study the community. We’re going to work with the residents. Let’s figure out where we can add value, ”said an OKX representative.
According to him, the company does not yet intend to open an office in India. However, the exchange is looking for local employees who will implement its plans.
“Once India has established a regulatory framework for cryptocurrencies, we would like to become leaders,” added Rafik.
At the beginning of 2021, India announced a possible ban on cryptocurrencies, and there was even talk of criminal liability for owners. In the middle of the year, information appeared that the authorities would still legalize digital currencies as an asset class.
However, in November, there was renewed talk of the government’s intention to ban most “private currencies.” This caused a panic in the local market, which led to a short-term local drop in the price of bitcoin by 15%.
Despite the lack of a legal framework, in 2022 India has tightened fees for traders and investors. At the same time, the head of the Reserve Bank of the country, Shaktikanta Das, warned investors against investing in cryptocurrency.
In July 2023, the Indian Supreme Court reprimanded the government for delaying the development of a regulatory framework for digital assets.
Recall that in August, OKX changed its KYC policy, obliging users to pass advanced verification with document confirmation and face recognition until September 21.
In June, the exchange restricted Russian citizens’ access to a number of services, and later closed transactions with the ruble.
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2023-09-01 16:47:31
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