As an analyst with a background in financial regulation and experience working in emerging markets, I believe that Bitget’s collaboration with Indian regulators to secure VASP registration is a positive step towards expanding their reach in the rapidly growing Indian crypto market.
As a crypto investor, I’m excited to hear that Bitget, a significant player in the cryptocurrency exchange market, is working hand in hand with Indian regulatory bodies to obtain the necessary licenses. By doing so, they aim to ensure their operations are fully compliant with local regulations.
The company revealed on July 3 that it was in talks with India’s Financial Intelligence Unit (FIU) regarding the process of registering as a Virtual Asset Service Provider (VASP).
“Currently, it’s challenging for users in India to access the Bitget platform. We’re proactively working on finding solutions to make our platform available in the region while adhering to its regulatory standards.”
— Bitget India🇮🇳 (@BitgetIndia) July 3, 2024
India’s robust expansion in the cryptocurrency field, evidenced by its top adoption ranking in 2023 as per Chainalysis, positions it as a major market for Bitget.
Bitget, which is currently active in India, encounters obstacles when trying to bring in new customers because it hasn’t registered as a Virtual Asset Service Provider yet.
As a researcher delving into the expansion plans of cryptocurrency exchange platforms, I came across an intriguing statement made by Bitget’s global communications head, Simran Alphonso. In a July 3 X post, she shared that “India holds significant importance for Bitget. We are meticulously navigating through regulatory frameworks to ensure our platform conforms to the requirements, enabling us to serve our esteemed users in India effectively.”
Bitget’s recent announcement follows Binance‘s return to India after a 4-month absence caused by the Financial Intelligence Unit (FIU) in India imposing a ban on their operations.
As a crypto investor, I’ve been keeping an eye on recent developments regarding regulatory compliance for some popular exchanges. Specifically, a ban affected nine platforms, among them KuCoin and Binance, which have responded by adhering to the regulations set forth. Unfortunately, OKX has had to cease its operations in India as a result.
The Financial Intelligence Unit (FIU) introduced a ban with the objective of tackling approximately INR 3000 crores (USD 361.45 million) worth of annual tax evasion arising from unregistered foreign exchange transactions.
As a crypto investor using Bitget’s VASP (Virtual Asset Service Provider) registration, I understand that the platform will comply with local regulations just like traditional exchanges. One such regulation is the deduction of a 1% tax at source (TDS) on certain transactions. This measure is already in place with other Indian crypto exchanges, including KuCoin.
The debate over cryptocurrency regulations in India is far from settled, as authorities hold differing views on how to handle this burgeoning sector.
Nirmala Sitharaman, India’s Finance Minister, has championed the need for international cooperation to establish a complete regulatory structure for cryptocurrencies. She encourages governments worldwide to embrace the advantages of blockchain technology. In contrast, the Reserve Bank of India continues to advocate for an outright ban on digital assets.
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2024-07-03 14:42