Cryptocurrency exchange Bitget has set its sights on regulated participation in the world’s most populous democratic country. The company announced its intentions as India grapples with the intricacies of integrating cryptocurrencies into its financial ecosystem.
Bitget intends to register as a regulated cryptocurrency exchange in India. The company has revealed that it is actively discussing licensing requirements with the Financial Intelligence Unit (FIU) of India. Despite the increasing talk of strict regulations in the country’s cryptocurrency industry, India remains one of the fastest adopters of cryptocurrencies in the world.
The next step for cryptocurrency exchanges in opening up to the public is becoming compliant participants. This entails establishing retail security, trust, and reputation, and driving adoption. India is a highly prioritized market for Bitget. We are actively reviewing regulations to ensure that the platform meets the requirements to serve our Indian users. – Simran Alphonso (@SimranAlphonso) July 3, 2024
This is a massive market, with nearly one-fifth of the global population coming from India. No cryptocurrency exchange can ignore such a vast potential customer base. Binance’s recent move proves this, as the company is preparing to re-enter the local market.
Simran Alphonso, Chief Communications Officer at Bitget, commented, “India is a highly prioritized market for Bitget. We are actively reviewing regulations to ensure that the platform meets the requirements to serve our Indian users.”
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 also maintains transparency by providing verifiable proof of reserves data and offering users information on fund storage, including public wallet addresses.
Other regulatory measures
Bitget has obtained licenses as a Virtual Asset Service Provider (VASP) in Lithuania and Poland. The exchange has implemented mandatory Know Your Customer (KYC) procedures to prevent illicit use of digital assets and strengthen security compliance. In the financial, banking, investment, and insurance sectors, compliance refers to adhering to rules or orders established by government regulatory agencies. Financial compliance is also a state of adhering to established guidelines or norms. This designation can also include efforts to ensure that organizations comply with industry regulations and government legislation. Understanding compliance is a term used by traders to read this.
The company’s user protection measures include the Bitget Protection Fund, which had an average valuation of $429 million in June 2024. Since its launch in August 2022, the fund has been a key component of Bitget’s strategy to provide a secure trading environment.
The exchange has also benefited greatly from the recent cryptocurrency hype sparked by Bitcoin. While some may still wonder what Bitcoin is, who created it, or how it works, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized digital asset and its blockchain technology. In fact, we’ve come a long way since Florida resident Laszlo Hanyecz exchanged 10,000 Bitcoins for two pizzas at a local Papa John’s, marking the first official commercial transaction with BTC and a real company. Now, some may say, while some may still wonder what Bitcoin is, who created it, or how it works, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized digital asset and its blockchain technology. In fact, we’ve come a long way since Florida resident Laszlo Hanyecz exchanged 10,000 Bitcoins for two pizzas at a local Papa John’s, marking the first official commercial transaction with BTC and a real company. Now, some may say, the term reached a record high in March 2024. The exchange’s customer base has grown to 25 million, with its native token surpassing the $1 milestone.