Bitget is working with Indian regulators to secure licensing for operating inIndia.
Points
- BitgetaimstocomplywithlocallawsandobtainVASPregistrationinIndia.
- TheexchangecurrentlyfaceschallengesduetothelackofVASPregistration.
- India’sregulatoryenvironmentforcryptocurrencyiscontentious,withdividedopinionsamongregulators.
Bitget,a major cryptocurrencyexchange,is actively seeking to navigate the regulatory landscape in India to secure the necessary licensing for itsoperations.On July3,the company announced its ongoing discussions withIndia’sFinancial Intelligence Unit（FIU）to obtain Virtual Asset Service Provider（VASP）registration.
We are aware of the current difficulty in accessing the Bitget platform inIndia.We’reactively exploring ways to serve the region while ensuring our platform meets theregion’scompliancerequirements.
https://twitter.com/BitgetIndia/status/1808376767486505272
Currently,Bitget operates in India but struggles to attract new users due to its lack of VASPregistration.SimranAlphonso,Bitget’shead of globalcommunications,emphasized the importance of India as amarket,stating,“Indiais ahigh-prioritymarket forBitget.We’reactively navigating through regulations to make sure the platform is compliant for us to serve our users inIndia,”in a July3Xpost.
The push for VASP registration comes as a response to theFIU’sefforts to address significant taxleakage,estimated at INR3000crores（approximatelyUSD361.45million）annually,caused by unregistered foreignexchanges.With VASPregistration,Bitget will adhere to the same rules as localexchanges,including a1%tax deduction at source（TDS）,a measure already implemented by KuCoin and other Indianexchanges.
Cryptocurrency regulation in India remains a contentiousissue,with divided opinions among regulators on how to address the emergingindustry.India’sFinanceMinister,NirmalaSitharaman,advocates for international collaboration to develop a comprehensive framework forcryptocurrencies,urging governments to recognize the potential benefits of blockchaintechnology.Conversely,the Reserve Bank of India maintains its call for a blanket ban on digitalassets.
解説
- Bitget’seffortstosecureVASPregistrationhighlightthegrowingimportanceofregulatorycomplianceinthecryptocurrencyindustry.
- India’sregulatoryenvironmentforcryptocurrenciesisevolving,withsignificantimplicationsforbothlocalandinternationalexchanges.
- ThedividedopinionsamongIndianregulatorsreflectthebroaderglobaldebateonhowtobalanceinnovationandregulationinthecryptocurrencyspace.