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Kraken Exchange Pledges India Expansion as Nation Reopens for Crypto Business
The announcement comes a week after the country's supreme court overturned a two-year banking ban for cryptocurrency firms.
Updated Apr 10, 2024, 2:14 a.m. Published Mar 10, 2020, 10:00 a.m.
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Digital assets spot and derivatives exchange Kraken has made a pledge to rebuild services in India, after the country's Supreme Court overturned a two-year banking ban for cryptocurrency firms a week ago.
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In a somewhat vague blog post Monday, the San Francisco-based exchange recommitted to the potentially massive market, which has seen its crypto industry suppressed by the central bank's order in April 2018 that prevented banks providing services to firms such as exchanges.
As such, India represents a huge earning opportunity for companies that can now speedily establish themselves in the near vacuum left by the ban. Several exchanges were forced to close due to the banking restrictions and others eked out a living on crypto-to-crypto trading or other means.
In its post, Kraken said it was "thrilled" to see the Reserve Bank of India's ban overturned, and would "recommit resources to grow its service in the region through new features and offerings." Among those was a hint it may target the massive remittance market in India, with Kraken keen to help Indians save and "send value" to friends and family overseas.
For more precise information on its plans, we'll have to wait till later in the year, Kraken wrote.
While the court ruling was exciting news for the crypto space, the regulatory situation in the nation is still not rosy, however. The central bank has reportedly said it would return to fight the supreme court ruling, though that may be a long shot. More worryingly, the country's government has been mulling cryptocurrency regulation for years, with some reports suggesting an outright ban.
Even if untrue, India's crypto and blockchain industry can't fully thrive and find the investment it needs until the situation has been made clear.
Local exchanges said this month there is a strong appetite for cryptocurrencies and derivatives in the nation. Before the court ruling, some international crypto companies including Binance and OKEx had already made moves to satisfy that hunger, announcing local services via acquisitions or partnerships.
Now Kraken, too, has shown it is keen not to miss out on its slice of the potentially lucrative market.
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