Regulation
Bitget Eyes India Expansion With Crypto Regulatory Compliance Push
Cryptocurrency exchange Bitget has set its sights on becoming a regulated player in the world’s most populous democracy. The company’s announcement comes as India grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
The company revealed that it is in active talks with India’s Financial Intelligence Unit (FIU) regarding licensing requirements. While there is increasing talk of strict regulations In the cryptocurrency space, India remains one of the fastest adopting countries in the world.
It is a large market and currently, almost one in five people globally are from India. No cryptocurrency exchange can afford to neglect such a large potential customer base. This is proven from Binance’s latest movewhich is preparing to re-enter the local market.
Simran Alphonso, Head of Global Communications at Bitget
“India is a high priority market for Bitget,” said Simran Alphonso, Head of Global Communications at Bitget. “We are actively reviewing regulations to ensure the platform is compliant to serve our users in India.”
As part of its efforts to establish a presence in India, Bitget is launching user awareness campaigns aimed at educating investors about digital assets. The company is also maintaining transparency by providing verifiable Proof of Reserves data and giving users access to fund storage information, including publicly available wallet addresses.
Other regulatory moves
Bitget has already obtained the Virtual Asset Service Provider (VASP) licenses in Lithuania and PolandThe exchange implemented the obligation Know Your Customer (KYC) Procedures to prevent the illicit use of digital resources and improve security conformity for traders.
The company’s initiatives to protect users include: Bitget Protection Fundwhich had an average valuation of $429 million as of June 2024. This fund has been a key component of Bitget’s strategy to provide a secure trading environment since its launch in August 2022.
The exchange has also benefited greatly from the recent cryptocurrency boom, sparked by Bitcoin reaching record values in March 2024. The exchange’s customer base has grown to 25 millionand its native token has surpassed the $1 milestone.
Cryptocurrency exchange Bitget has set its sights on becoming a regulated player in the world’s most populous democracy. The company’s announcement comes as India grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
The company revealed that it is in active talks with India’s Financial Intelligence Unit (FIU) regarding licensing requirements. While there is increasing talk of strict regulations In the cryptocurrency space, India remains one of the fastest adopting countries in the world.
It is a large market and currently, almost one in five people globally are from India. No cryptocurrency exchange can afford to neglect such a large potential customer base. This is proven from Binance’s latest movewhich is preparing to re-enter the local market.
Simran Alphonso, Head of Global Communications at Bitget
“India is a high priority market for Bitget,” said Simran Alphonso, Head of Global Communications at Bitget. “We are actively reviewing regulations to ensure the platform is compliant to serve our users in India.”
As part of its efforts to establish a presence in India, Bitget is launching user awareness campaigns aimed at educating investors about digital assets. The company is also maintaining transparency by providing verifiable Proof of Reserves data and giving users access to fund storage information, including publicly available wallet addresses.
Other regulatory moves
Bitget has already obtained the Virtual Asset Service Provider (VASP) licenses in Lithuania and PolandThe exchange implemented the obligation Know Your Customer (KYC) Procedures to prevent the illicit use of digital resources and improve security conformity for traders.
The company’s initiatives to protect users include: Bitget Protection Fundwhich had an average valuation of $429 million as of June 2024. This fund has been a key component of Bitget’s strategy to provide a secure trading environment since its launch in August 2022.
The exchange has also benefited greatly from the recent cryptocurrency boom, sparked by Bitcoin reaching record values in March 2024. The exchange’s customer base has grown to 25 millionand its native token has surpassed the $1 milestone.