The CEO of the KuCoin cryptocurrency exchange called India a top market for the development of the trading platform, despite regulatory uncertainty and the fall of the cryptocurrency market.
Johnny Lyu reported that in the first half of 2022, the exchange recorded about 5.6 million new users, which was an increase of 659%. A significant number of new users were from India. The number of Indian clients of the exchange increased by 1,251% compared to the same period last year, so India can be called a key market for the development of KuCoin, Liu explained.
Due to the uncertainty of crypto asset regulation in India, many local crypto companies are moving to more loyal jurisdictions such as the UAE or Singapore. Still, Liu sees the Indian market as friendly and teeming with talent. Earlier, Binance CEO Changpeng Zhao also said that India is the most comfortable environment for the development of the Web3 and blockchain industry:
“Regardless of current conditions, our soon-to-five-year-old trading platform looks to the future with confidence. We expect the Indian market to grow, so we are ready to invest in it and develop the KuCoin infrastructure here.”
The Indian government has imposed a 1% tax on crypto transactions over Rs 10,000 (about $125). After that, the volume of trading on local exchanges fell by more than half. However, Liu is positive about taxing cryptocurrencies in India as it shows the country’s willingness to regulate cryptocurrencies.
At the beginning of the month, Liu debunked rumors about the mass layoffs of the company’s employees due to the bearish trend in the cryptocurrency market. KuCoin plans to increase its staff by 300 people for research and development, marketing tasks and business development. The head of KuCoin assured that the continued decline in the market will weed out weak companies, and the survival of the best is the unchanging law of any industry.
Source: Bits
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