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Major Crypto Exchanges Seek India Entry Despite Regulatory Uncertainty: Report
There is a bill pending in parliament, which seeks to ban private cryptocurrencies.
Updated Sep 14, 2021, 1:08 p.m. Published Jun 9, 2021, 12:29 p.m.
Major digital assets exchanges are looking to enter India, the second-most populous country globally, despite the government mulling a blanket ban on private cryptocurrencies.
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- Industry sources speaking to Reuters said U.S.-based Kraken, Hong Kong-based Bitfinex, and rival KuCoin are actively seeking information about the nature of the market and potential entry points.
- One exchange has reportedly begun due diligence for acquiring an Indian firm, while the other two have yet to decide whether to establish a subsidiary or buy a domestic firm.
- "All of these exchanges are actively hiring for Indian entry," Gaurav Dahake, founder and CEO of Bangalore-based exchange Bitbns, told CoinDesk.
- LinkedIn data shows the U.S.-based Nasdaq-listed Coinbase exchange has been scouting for candidates for its India outpost, announced in March.
- Binance, the world's largest crypto exchange per trading volumes, acquired the Mumbai-based WazirX exchange in 2019.
- With its tech-savvy young generation, India can be a huge market; and its true potential may come to the fore once regulatory uncertainty subsides.
- There is a bill pending in the Indian parliament which seeks to ban trading, owning or holding any form of cryptocurrency.
Read more: RBI Says Banks Can’t Quote 2018 Circular to Restrict Crypto Transactions
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