Cryptocurrency exchange Bitget has set its sights on becoming a regulated participant in the world’s most populous democracy. The company announced this news as India is grappling with the complexities of integrating cryptocurrencies into its financial ecosystem.
Bitget intends to register as a regulated cryptocurrency exchange in India
The company revealed that it is actively discussing licensing requirements with India’s Financial Intelligence Unit (FIU). Despite increasing talks about the country’s stringent regulation of the cryptocurrency industry, India remains one of the fastest adopters of cryptocurrency in the world.
The next step for cryptocurrency exchanges to be open to the public is to become compliant participants. It has established retail safety, trust, and credibility, and has driven adoption. India is a high priority market for Bitget. We are actively reviewing regulations to ensure the platform… — Simran Alphonso (@SimranAlphonso) July 3, 2024
This is a huge market, with nearly one-fifth of the world’s population currently from India. No cryptocurrency exchange can afford to ignore such a vast potential customer base. Binance’s latest move proves this, as the company is preparing to re-enter the local market.
Simran Alphonso, Bitget’s Global Communications Director, commented: “India is a high priority market for Bitget.” “We are actively reviewing regulations to ensure the platform meets our service requirements for Indian users.”
As part of its efforts to establish business in India, Bitget is initiating 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 already obtained Virtual Asset Service Provider (VASP) licenses in Lithuania and Poland. The exchange has implemented mandatory “Know Your Customer” (KYC) procedures to prevent illegal use of digital assets and strengthen security compliance. Compliance in the financial, banking, investment, and insurance sectors refers to adhering to rules or orders set by government regulatory bodies when providing services or handling transactions. Financial compliance will also be a state of following established guidelines or standards. This designation can also include efforts to ensure organizations comply with industry regulations and government legislation. Understanding compliance is a term for traders reading this term.
The company’s user protection initiatives 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 safe trading environment.
The exchange has also benefited immensely from the recent cryptocurrency craze sparked by Bitcoin. While some may still wonder what Bitcoin is, who created Bitcoin, or how Bitcoin 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, since Florida resident Laszlo Hanyecz exchanged 10,000 bitcoins for two pizzas at a local Papa John’s, marking the first official commercial transaction of BTC with a real company, we have come a long way. Now someone might say, although some may still wonder what Bitcoin is, who created Bitcoin, or how Bitcoin 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, since Florida resident Laszlo Hanyecz exchanged 10,000 bitcoins for two pizzas at a local Papa John’s, marking the first official commercial transaction of BTC with a real company, we have come a long way. Now someone might say, Read this Term reached a record value in March 2024. The exchange’s customer base grew to 25 million, and its native token surpassed the $1 milestone.
