Main cryptocurrency exchanges are exploring entry into the Indian crypto market
Several major global cryptocurrency exchanges are reportedly investigating ways to enter the Indian crypto market. “The Indian market is huge and it’s only starting to grow if there was more political security now, Indian consumers would be spoiled for choice when it comes to exchanges because everyone wants to be here,” said a manager of a crypto firm.
Big crypto exchanges want to enter India
Global cryptocurrency exchanges are looking for ways to get into 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 involved in an exchange that was considering acquiring an Indian crypto company and had begun due diligence. The source described:
These companies have already started conversations to better understand the Indian market and entry points.
The other two exchanges are in the early stages of deciding whether to travel to India and are weighing their options, the publication said. This usually depends on the choice between starting an Indian subsidiary or acquiring a local company. Another US-based crypto exchange, Coinbase, has already announced plans for a back office in India.
Although there is no official data, industry analysts estimate that there are 15 million crypto investors in India holding over 100 billion rupees ($ 1.37 billion), the publication said. Kumar Gaurav, founder of the digital bank Cashaa, commented:
The Indian market is huge and it is only beginning to grow, if there is now more political security, Indian consumers would be spoiled for choice when it comes to exchanges, because everyone wants to be here.
In the meantime, the Indian government has yet to introduce a cryptocurrency law. The current bill aims to ban cryptocurrencies, including Bitcoin. However, there are reports that the government is re-evaluating the prohibition recommendations and setting up a panel of experts to come up with new recommendations to regulate the crypto industry.
The central bank, the Reserve Bank of India (RBI), recently clarified its position on cryptocurrency. The RBI governor said the central bank still had major concerns. However, RBI informed banks that its April 2018 circular banning financial institutions from offering services to crypto companies and traders is no longer valid.
What do you think of global crypto exchanges looking to get into the Indian crypto market? Let us know in the comment section below.
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Binance, BitFinex, Cashaa, Coinbase, crypto exchanges, crypto regulation India, cryptocurrency exchanges, India, Indian crypto exchanges, Indian crypto market, Kraken, KuCoin
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