Cryptocurrency Exchanges Said to Scout Entry Into India Despite Potential Ban
Cryptocurrency ban’s opponents say the move would stifle the economic power of the country. By Reuters | Updated: 9 June 2021 10:42 IST
US-based Kraken, Hong Kong-based Bitfinex, and rival KuCoin are actively scouting the market
Highlights
India has had no rules specifically for cryptocurrency exchanges
In 2019, Binance acquired WazirX, an Indian cryptocurrency startup
Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies.
These companies have already begun talks to understand the Indian market and the entry points better, said one source directly involved with an exchange that had begun due diligence for an Indian firm it was considering acquiring. The other two exchanges, he said, were in the initial stages of deciding whether to enter India and weighing their options, which effectively come down to a choice between setting up a subsidiary or buying an Indian firm, as Binance, the world s biggest exchange, did two years ago. Bitfinex declined to comment while Kraken and KuCoin did not respond to an email seeking comment.
US-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein
Global digital currency exchanges are exploring ways to set up in India
Reuters
June 09, 2021
PHOTO: REUTERS
Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies.
Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over $1.37 billion.
According to four sources, who declined to be identified as they were not authorised to comment on private discussions, US-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein.