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Leading crypto exchanges scout entry into India despite a potential ban
Global digital currency exchanges are exploring ways to set up in India
Reports suggest the exchange companies are seeking to follow the footsteps of market leader Binance.
It comes at a time where the government in New Delhi hesitates 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.
According to reports, industry analysts say there are 15 million crypto investors in India holding over 100 billion rupees equating to $1.37 billion US dollars.
According to four sources, who declined to be identified due to legal reasons, US.-based Kraken, Hong Kong-based Bitfinex, and rival KuCoin are actively scouting the market.
“These companies have already begun talks to understand the Indian market and the entry points better,”
said one source directly involved with an exchange said.
The source stated that other companies were in the initial stages of deciding whether to enter India and weighing their options.
Those options 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.
All three exchanges are ranked in the world’s top ten by data platform CoinMarketCap, based on their traffic, liquidity and trustworthiness of their reported trading volumes.
