Crypto exchange OKX, one of the top 10 exchanges by trading volume, plans to enter the Indian market and hire local staff to explore Web3 applications, reports RBC Crypto.
The OKX exchange does not have a global headquarters, but has regional centers in Hong Kong, Singapore, Dubai and the Bahamas. According to a spokesperson for the exchange, the company plans to expand its crypto wallet services “exponentially” by tapping into India’s developer community. OKX currently has about 200,000 crypto wallet users in India, which is only 5% of Web3 users in the country, Haider Rafik added.
Currently, cryptocurrency in India is not prohibited, but not legalized either. The authorities did not introduce laws to regulate Web3 or cryptocurrencies in Parliament, but introduced tough taxes on digital currency trading and anti-money laundering rules.
The Central Bank of India continues to oppose the legalization of cryptocurrencies, while promoting its digital currency (CBDC). In April, India, as chair of the G20, announced plans to develop a global approach to crypto regulation. Separate legislative reforms will not help solve the problem of cryptocurrency risks, this requires coordinated action by all countries, said Indian Finance Minister Nirmala Sitharaman.
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