Several large international cryptocurrency exchanges are apparently looking at the opportunities for entering the Indian cryptocurrency sector.
According to a crypto business executive, the Indian market is massive and is just getting started. And if there were policies placed correctly regarding crypto, then Indian customers would be spoiled for choice in terms of exchanges by now, because everyone wants to be here.
Major cryptocurrency exchanges wants to come in India
According to Reuters, global crypto exchanges are looking into ways to penetrate the Indian cryptocurrency sector. According to sources, Kraken, Bitfinex, and Kucoin, all based in the United States, are actively exploring the Indian crypto industry.
One insider claimed to be intimately associated with an exchange that is considering acquiring an Indian crypto business and has already started due diligence. According to the source:
According to the journal, the other two exchanges are in the early phases of deciding whether to enter India and assessing their choices. Typically, the choice is between establishing an Indian subsidiary or acquiring a local enterprise.
Coinbase, a cryptocurrency exchange based in the United States, has already declared plans to open a back office in India.
While no official data is available, industry analysts estimate that there are 15 million crypto investors in India, who collectively have over 100 billion rupees ($1.37 billion), according to the journal. Kumar Gaurav. The founder of the digital bank Cashaa.
He stated that the Indian market is massive and is just getting started. And if there were policies placed correctly regarding crypto, then Indian customers would be spoiled for choice in terms of exchanges by now, because everyone wants to be here.
The Indian government, on the other hand, has yet to introduce a cryptocurrency bill. The present measure aims to prohibit the use of cryptocurrencies, such as bitcoin.
According to rumors, the government is re-evaluating the ban suggestions and forming a team of experts to develop fresh suggestions to regulate the cryptocurrency business.
The Reserve Bank of India (RBI), India’s central bank, recently clarified its stance on bitcoin. The governor of the Reserve Bank of India stated that the central bank still has big worries.
The RBI, on the other hand, has informed banks that its April 2018 circular prohibiting financial institutions from providing services to crypto companies and dealers is no longer in effect.