Bitget Targets India Expansion with Crypto Regulatory Compliance Push

Source: financemagnates Wednesday, 03/07/2024 | 11:18 GMT

  • The crypto exchange is currently in talks with the local market watchdog.
  • India is one of the fastest adopters of digital assets in the world.

Cryptocurrency exchange Bitget has set its sights on becoming a regulated player in the world’s most populous democracy. The company’s announcement comes as India grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.

Bitget Signals Intent to Register as Regulated Crypto Exchange in India

The company revealed it is in active discussions with India’s Financial Intelligence Unit (FIU) regarding licensing requirements. Although there is increasing talk of stringent regulations in the cryptocurrency industry in the country, India remains one of the fastest adopters of crypto in the world.

It is a vast market, and currently, nearly one in five people globally is from India. No cryptocurrency exchange can afford to overlook such a large potential customer base. This is evidenced by the latest move from Binance, which is preparing to re-enter the local market.

“India is a high-priority market for Bitget,” Simran Alphonso, Head of Global Communications at Bitget, commented. “We’re actively navigating through regulations to make sure the platform is compliant for us to serve our users in India.”

As part of its efforts to establish a presence in India, Bitget is launching user awareness campaigns aimed at educating investors about digital assets. The company is also maintaining transparency by providing verifiable Proof of Reserves data and offering users access to fund storage information, including publicly available wallet addresses.

Other Regulatory Moves

Bitget has already obtained Virtual Asset Service Provider (VASP) licenses in Lithuania and Poland. The exchange has implemented mandatory Know Your Customer (KYC) procedures to prevent illicit use of digital assets and enhance security compliance for traders.

The company’s user protection initiatives include the Bitget Protection Fund, which reported an average valuation of $429 million in June 2024. This fund has been a key component of Bitget’s strategy to provide a secure trading environment since its launch in August 2022.

The exchange also greatly benefited from the recent cryptocurrency boom, triggered by bitcoin reaching record values in March 2024. The customer base of the exchange grew to 25 million, and its native token surpassed the $1 milestone.

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