OKX cryptocurrency exchange is reportedly planning to enter the Indian market and hire local staff, as stated in a report by CoinDesk. This move comes despite the existing regulatory uncertainties in the country.
Haider Rafique, the Chief Marketing Officer of OKX, revealed the company’s plans to expand its wallet services by engaging with India’s developer community. He noted that OKX presently serves approximately 200,000 wallet users in India, constituting roughly 5% of the nation’s web3 user base.
Rafique mentioned that regulators are primarily focused on platforms that facilitate fiat on-ramps, a service not offered by OKX in India. He further expressed the company’s aspiration to lead the market once India establishes a clear regulatory framework for cryptocurrencies.
OKX Crypto Exchange Eyes India Amid Regulatory Uncertainty and Digital Rupee Exploration
As of now, India remains in a state of regulatory uncertainty regarding cryptocurrencies. While the government imposed substantial taxes on crypto gains last year, it has not officially declared cryptocurrencies as legal tender.
Earlier this year, in its role as the head of the G20 group of nations, India released a proposal for the coordinated development of global regulations for crypto assets.
In July, the Indian Supreme Court directed the Union government to clarify whether it intends to establish a federal agency dedicated to investigating crypto-related criminal cases, as reported by Hindustan Times.
While India’s position on cryptocurrencies remains ambiguous, the Reserve Bank of India continues to explore the development of a central bank digital currency, often referred to as the digital rupee.
Read More:
Celebrities Rally Crypto Community to Aid Maui Wildfire Victims
Ronaldinho Testifies at Congressional Hearing, Denies Involvement in $61 Million Crypto Scam