Major Cryptocurrency Exchanges Are Exploring To Enter The Indian Crypto Market

Several major global cryptocurrency exchanges are reportedly exploring ways to enter the Indian crypto market. “The Indian market is huge and just starting to grow. "If there was more policy certainty now, Indian consumers would have a hard time choosing when it comes to stock markets because everybody wants to be here." Global crypto exchanges are exploring ways to enter the Indian cryptocurrency market, Reuters reported. Four sources told the publication that US-based Kraken, Hong Kong-based Bitfinex and rival Kucoin are actively exploring the Indian crypto market. A source claimed that he was directly involved with an exchange that was considering buying an Indian crypto firm and was doing its due diligence. The source explains: These companies have already started discussions to better understand the Indian market and entry points. The publication said the other two exchanges are in the early stages of deciding whether to enter India and evaluating their options. Often this comes down to the choice between setting up an Indian subsidiary or acquiring a local company. Coinbase, another US-based crypto exchange, has already announced plans for a back office in India. Although there is no official data, industry analysts estimate there are 15 million crypto investors in India with 100 billion rupees ($1.37 billion), according to the publication. Kumar Gaurav, founder of digital bank Cashaa, commented: The Indian market is huge and only starting to grow, if there was more policy certainty now Indian consumers would be spoiled for choice in terms of exchanges as everyone wants to be here. Meanwhile, the Indian government has yet to enact a cryptocurrency law. The current law aims to ban cryptocurrencies, including bitcoin. However, there are reports that the government is re-evaluating its ban recommendations and forming an expert panel.

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