CrossTower India, a cryptocurrency exchange for institutional investors, has opened in Mumbai. The company plans to use its branch as a springboard for expansion into neighboring regions.
According to Kapil Rathi, Co-Founder and CEO of CrossTower, India has the 11th largest crypto asset distribution worldwide and plays a key role in the region. According to Chainalysis, over the past year, the cryptocurrency market in India has grown more than 7 times, to $ 6.6 billion in May 2021.
According to Rati, CrossTower is somewhat late in entering the Indian market, but it has something to offer investors. Firstly, it is “reliance on advanced technological infrastructure”, secondly, a wide range of services provided and competitive tariffs.
“We believe that the opening of a branch in India will support our plans to promote CrossTower services to other regions. At the same time, we objectively assess the possible risks, ”said Kapil Rati.
Despite the positive outlook of the CrossTower team on the prospects for the development of the Indian branch, in reality the situation on the Indian crypto market is more than uncertain. The launch of the CrossTower India trading platform coincided with the beginning of a new phase in the development of a regulatory framework for the regulation of crypto assets and their tax classification. And, in July 2021, it became known that Indian regulators are planning to introduce an additional tax of 18% on transactions of Indian citizens with foreign cryptocurrency exchanges.