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Bitget aims to expand in India, implements steps to comply with cryptocurrency regulations

Posted on by darion

Cryptocurrency exchange Bitget has set its sights on becoming a regulated player in the world’s most populous democracy. The company’s announcement comes as India grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.

The company revealed that it is in active talks with India’s Financial Intelligence Unit (FIU) regarding licensing requirements. While there has been growing talk of heavy regulation of the cryptocurrency industry in the country, India remains one of the fastest cryptocurrency adopters in the world.

It’s a huge market, and almost one in five people in the world now hails from India. No cryptocurrency exchange can afford to ignore such a large potential customer base, as evidenced by Binance’s recent move to re-enter the local market.

Simran Alphonso, Head of Global Communications at Bitget

“India is a high-priority market for Bitget,” said Simran Alphonso, Head of Global Communications at Bitget. “We are actively navigating the regulatory landscape to ensure the platform is compliant so we can serve our users in India.”

As part of its efforts to establish itself in India, Bitget is launching user awareness campaigns aimed at educating investors about digital assets. The company is also transparent by providing verifiable Proof of Reserves data and offering users access to fund custody information, including publicly available wallet addresses.

Other regulatory moves

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 increase security compatibility for traders.

The company’s user protection initiatives include the Bitget Protection Fund, which had an average valuation of $429 million in June 2024. The fund is a key part of Bitget’s strategy to provide a safe trading environment since its launch in August 2022.

The stock market has also benefited greatly from the recent cryptocurrency boom, triggered by Bitcoin reaching record highs in March 2024. The exchange’s customer base grew to 25 million and its native token crossed the $1 milestone.

Cryptocurrency exchange Bitget has set its sights on becoming a regulated player in the world’s most populous democracy. The company’s announcement comes as India grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.

The company revealed that it is in active talks with India’s Financial Intelligence Unit (FIU) regarding licensing requirements. While there has been growing talk of heavy regulation of the cryptocurrency industry in the country, India remains one of the fastest cryptocurrency adopters in the world.

It’s a huge market, and almost one in five people in the world now hails from India. No cryptocurrency exchange can afford to ignore such a large potential customer base, as evidenced by Binance’s recent move to re-enter the local market.

Simran Alphonso, Head of Global Communications at Bitget

“India is a high-priority market for Bitget,” said Simran Alphonso, Head of Global Communications at Bitget. “We are actively navigating the regulatory landscape to ensure the platform is compliant so we can serve our users in India.”

As part of its efforts to establish itself in India, Bitget is launching user awareness campaigns aimed at educating investors about digital assets. The company is also transparent by providing verifiable Proof of Reserves data and offering users access to fund custody information, including publicly available wallet addresses.

Other regulatory moves

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 increase security compatibility for traders.

The company’s user protection initiatives include the Bitget Protection Fund, which had an average valuation of $429 million in June 2024. The fund is a key part of Bitget’s strategy to provide a safe trading environment since its launch in August 2022.

The stock market has also benefited greatly from the recent cryptocurrency boom, triggered by Bitcoin reaching record highs in March 2024. The exchange’s customer base grew to 25 million and its native token crossed the $1 milestone.