Bitget Seeks to Obtain a License After Binance Was Fined $2.25 Million for Noncompliance with Indian Anti-Money-Laundering Policies
- WBOYOriginal
- 2024-07-15 18:09:50399browse
The major exchange is in talks with Indian regulators to fulfill the conditions required to obtain licensing, comply with regional laws, and operate successfully in the Indian market.
Crypto exchange Bitget is reportedly aiming to obtain a license in India, highlighting the significance of the nation's customer base amid regulatory challenges.
The exchange is currently engaged in discussions with Indian regulators to fulfill the conditions required for licensing, aiming to operate successfully in the country.
Bitget is seeking to obtain a Virtual Asset Service Provider (VASP) registration, which is necessary for crypto exchanges to operate legally in India.
The exchange is also experiencing difficulties with new users accessing the features in the Bitget application on the Google Play Store and App Store due to the absence of a VASP license.
In an X post, Simran Alphonso, Head of Global Communications, Bitget, mentioned India as a high-priority market and highlighted the exchange's efforts to become fully compliant.
India's regulatory authorities have imposed strict regulations on crypto providers' operations, which have often restricted noncompliant exchanges from operating at full capacity.
However, India has seen significant traction in the cryptocurrency market, and considering it, the nation is adopting a regulatory framework and not imposing an outright ban.
India's Prime Minister, Narendra Modi, has stressed crypto regulation at the G20 summit. India is advancing its technological capabilities, allowing crypto exchanges to operate according to the norms.
The government has levied a 30% tax on crypto gains and a 1% tax at source.
In the history of crypto exchanges in India, OKX had to stop operating because it was noncompliant with the regulations.
It seems India is ready to embrace new technologies but on its own terms.
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