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Three major cryptocurrency exchanges considering entering the Indian market = Reuters

Cryptocurrency

Are you considering entering India?

It turns out that several major crypto asset (cryptocurrency) exchanges are trying to expand their business to India, where regulatory uncertainties continue. Reuters reported as a story of a source.

Kraken, Bitfinex, and Kucoin are considering entering India, all of which are the top exchanges in the industry in terms of volume, liquidity, and reliability. According to people familiar with the matter, it is trying to enter the market by acquiring a cryptocurrency company in India.

In addition, the exchanges mentioned above have begun research to understand the entry point of the Indian market, and one company is conducting due diligence of companies considering acquisition. Neither exchange responded to questions to Reuters.

In the past case, Binance acquired the virtual currency company WazirX in 2019 and entered India, and in March 2009, Coinbase also recruited India-based blockchain personnel by posting a job on LinkedIn. It has been confirmed that it is doing.

India, which has the second largest population after China, has repeatedly changed its regulatory policy on virtual currencies, and the situation remains uncertain. In 2018, the central bank’s RBI banned cryptocurrency companies from providing bank account services, but in 2020 the Indian Supreme Court ruled this unconstitutional.

Although there were some reports that a bill to completely ban virtual currency transactions will be considered in March 2009, the possibility of regulating virtual currency as a “digital currency” emerged in May. The outlook is bad. However, according to Reuters, there is an analysis that there are about 15 million cryptocurrency holders in India worth 150 billion yen (100 billion rupees), and it is said that the market potential greatly exceeds the risk. There is also.

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Author: Noah Sakamaki
Reference: Reuters

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“Cryptocurrency” means “cryptographic assets”

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