World Crypto Global
- Written by: Damian Chmiel
- Wed, 03 Jul 2024
- Israel
Cryptocurrencyexchange Bitget has set its sights on becoming a regulated player in theworld's most populous democracy. The company's announcement comes as Indiagrapples with the complexities of integrating cryptocurrencies into itsfinancial ecosystem.Bitget Signals Intent toRegister as Regulated Crypto Exchange in IndiaThe companyrevealed it is in active discussions with India's Financial Intelligence Unit(FIU) regarding licensing requirements. Although there is increasing talk of stringentregulations in the cryptocurrency industry in the country, India remainsone of the fastest adopters of crypto in the world.The next step for crypto exchanges to hit the masses is to be compliant players. It builds retail security, trust, credibility and drives the adoption. India is a high-priority market for Bitget. We're actively navigating through regulations to make sure the platform is Simran Alphonso (@SimranAlphonso) July 3, 2024It is avast market, and currently, nearly one in five people globally is from India.No cryptocurrency exchange can afford to overlook such a large potentialcustomer base. This is evidenced bythe latest move from Binance, which is preparing to re-enter the localmarket."Indiais a high-priority market for Bitget," Simran Alphonso, Head of GlobalCommunications at Bitget, commented. "We're actively navigating through regulations to make sure the platform is compliant for us to serve our users in India."As part ofits efforts to establish a presence in India, Bitget is launching userawareness campaigns aimed at educating investors about digital assets. Thecompany is also maintaining transparency by providing verifiable Proof ofReserves data and offering users access to fund storage information, includingpublicly available wallet addresses.Other Regulatory MovesBitget hasalready obtained Virtual Asset Service Provider (VASP) licensesin Lithuania andPoland. The exchange has implemented mandatory KnowYour Customer (KYC) procedures to prevent illicit use of digital assets andenhance security compliance for traders.Thecompany's user protection initiatives include the BitgetProtection Fund, which reported an average valuation of $429 million inJune 2024. This fund has been a key component of Bitget's strategy to provide asecure trading environment since its launch in August 2022.Theexchange also greatly benefited from the recent cryptocurrency boom, triggeredby Bitcoin reaching record values in March 2024. The customer base of theexchange grewto 25 million, and its native token surpassed the $1 milestone.This article was written by Damian Chmiel at www.financemagnates.com.
