Some of the world’s largest exchanges – Coinbase, Kraken, Binance, Gemini and Bitstamp – have announced that they plan to open their doors in India. The move marks one of the largest cryptocurrency market expansions in the world, and the Exchange said it would be opening a gateway in India.
The cryptocurrency market in India is gaining more attention from the world’s biggest cryptocurrency exchanges. Among the latest to enter the market are Coinbase, Gemini, and Bitstamp, who have all launched their India offices.
Major cryptocurrency exchanges are exploring the possibility of entering the Indian crypto market, which has been witnessing pretty rapid growth for some time now. The country’s cryptocurrency exchanges already operate in many international markets. Earlier this week, Coinbase began its rollout in the country.. Read more about cryptocurrency prices and let us know what you think. Several major global cryptocurrency exchanges are reportedly exploring opportunities to enter the Indian cryptocurrency market. The Indian market is huge and just starting to develop. If there were more policy certainty now, Indian consumers would be spoilt for choice in exchanges because everyone wants to be here, a cryptocurrency expert said.
Major cryptocurrency exchanges in India
Global cryptocurrency exchanges are exploring opportunities to enter the Indian cryptocurrency market, reports Reuters. Four sources told the publication that US-based Kraken, Hong Kong-based Bitfinex and rival Kucoin are actively exploring the Indian cryptocurrency market. A source claims to be directly connected to the exchange, which is considering acquiring the Indian cryptocurrency company and has already begun due diligence. Source described: These companies have already started discussions to better understand the Indian market and access opportunities. The other two exchanges are in the early stages of deciding whether to enter India and are evaluating their options, the statement said. The choice usually comes down to setting up an Indian subsidiary or acquiring a local company. Another US cryptocurrency exchange, Coinbase, has already announced plans to set up a back office in India. Although there are no official figures, industry analysts estimate that there are 15 million crypto investors in India who own more than 100 billion rupees ($1.37 billion), the publication said. Kumar Gaurav, founder of digital bank Cashaa, said: The Indian market is huge and just starting to develop. If there were more policy certainty, Indian consumers would be spoilt for choice in the stock markets by now, because everyone wants to be there. Meanwhile, the Indian government is yet to introduce a law on cryptocurrencies. The current bill seeks to ban cryptocurrencies, including bitcoin. However, there are reports that the government is reviewing the recommendations of the ban and setting up a panel of experts to come up with new recommendations to regulate the cryptocurrency industry. The central bank, the Reserve Bank of India (RBI), recently clarified its stance on cryptocurrencies. The RBI chief said the central bank was still seriously concerned. However, the RBI has informed banks that its April 2018 circular, which prohibited financial institutions from providing services to cryptocurrency companies and traders, is no longer valid. What do you think about the fact that global cryptocurrency exchanges want to enter the Indian cryptocurrency market? Let us know your comments in the section below.
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Binance, BitFinex, Cashaa, Coinbase, crypto currency exchanges, crypto currency regulation in India, crypto currency exchanges, India, Indian crypto currency exchanges, Indian crypto currency market, Kraken, KuCoin. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.This article details the plans of leading cryptocurrency exchanges to enter the Indian market. The Indian government has considered cryptocurrency use an illegal activity since 2016, when India’s central bank issued an official statement warning customers against the risks of using cryptocurrencies. However, the cryptocurrency industry is still developing in the country. India is a large market with an estimated population of 1.3 billion people. With a growing youth population, the country has a strong demand for digital currency services.. Read more about is bitcoin safe and let us know what you think.
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