Binance, the world’s largest cryptocurrency exchange, is actively trying to “find the right time to launch in India”. “We are monitoring changes in the regulatory environment in this country. We are also in dialogue with different parties to understand how to approach the market in South Asia,” a Binance spokesperson said. On LinkedIn, Binance is ramping up its search for these positions in India and South Asia: Head of APAC Government Relations, APAC Legal Advisor, Head of Acquisitions, Director of Communications and Presence, Media and PR, APAC PR Director, Global Communications/PR Manager, and Content Marketing Specialist.
Binance’s expansion into India, a country of 1.4 billion people with more than 50% of the population under the age of 30, is a major event in the cryptocurrency ecosystem. The country recently introduced new tax laws and has a rigid payment solution system, putting a lot of legal pressure on Binance. “Certainly user awareness and cryptocurrency usage will increase but this could also have a negative impact as Binance will have to disclose kyc information of Indian customers who have used the exchange for money exchanges,” said Siddharth Sogani, founder and CEO of cryptocurrency research firm Crebaco. inform. The expansion was announced after Coinbase (COIN), the world’s third-largest cryptocurrency exchange, launched its branch in India on April 7, but had to pull out after just three days because of regulatory regulations that hampered the entire industry. FTX, the world’s second-largest cryptocurrency exchange, is also exploring the possibility of launching in India but regulatory concerns are still putting things on hold at the moment.
A Binance spokesperson stated that India could be the subject of major cryptocurrency participation. “More than 100 million Indians own cryptocurrencies according to industry reports, and we can see that mass cryptocurrency usage is taking place in India. As major companies in the industry invest in the country, India could become one of the major hubs of cryptocurrencies,” the spokesperson said. According to policy experts in India, both Binance and FTX are unlikely to enter India until the regulatory environment improves, especially after coinbase’s launch. Vivan Sharan, a technology and policy expert who has worked with the government, said that global cryptocurrency exchanges could bring many benefits to India. “India should not view investment from global cryptocurrency exchanges as an interventionist force,” Sharan said. “Instead, we should see them as an economic opportunity that can be exploited through legislation. Exchanges are important links in Web 3, and can easily be promoted to help mitigate the types of risks that the cryptocurrency ecosystem is facing today.”
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