The Indian crypto market is of high potential. There are very few foreign exchanges, and it is clear that there is a lot of growth scope here. Due to the uncertain laws in the country, companies are not entering the market yet. But the recent news that the Indian government is setting up a team to formulate crypto laws in the country has made large crypto exchanges interested in India.
Plans of large crypto exchanges to enter Indian markets
An executive of a crypto firm said that the Indian market is huge and untapped. This is due to the uncertain laws in the country. So, if the government formulates proper laws the Indian market will be flooded by exchanges. He also said that everyone wants to be in the Indian market and the consumer base will be simply spoiled by the huge number of options they will have.
Some of the companies that reportedly want to enter the Indian market are Kraken, Bitfinex, Kucoin among others. Many of them are also planning to acquire an Indian crypto exchange and expand into India. Most of the firms are already looking at entry points. Coinbase is also another big name that has been planning to enter India either directly or by acquisition. They have already announced their plans about setting up an Indian office.
One very good example of a foreign firm entering India with acquisition is Binance. They have acquired WazirX, the current largest crypto exchange in the country, and also have solid integration between the two.
The new crypto laws in India
Recently, RBI clarified that their 2018 crypto ban is no longer active and that has resulted in a positive atmosphere in the country. Indian government initially planned to ban crypto but now the NPCI has also said that they have no such plans. Officials’ reports of new laws being on the way have also created a positive buzz. There is still a lot of skepticism as the RBI governor has said that they are still not in favor of crypto. And they have also communicated their concerns to the Indian government.
What are your thoughts on larger crypto exchanges planning to enter the crypto market in India? And if you were given the option to bring only one foreign exchange to India which will be it? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.