Leading cryptocurrency exchanges are exploring ways to enter the Indian market despite the potential ban of crypto trading activities in the country.
There is regulatory uncertainty in the Indian cryptocurrency market. However, that hasn’t stopped the leading crypto exchanges from finding ways to enter the market. The exchanges are following Binance’s footsteps and want to explore the Indian market.
Industry sources told Reuters that some of the leading crypto exchanges in the world are exploring various ways they can start offering their services in India. The sources named crypto exchanges, including US-based Kraken, Bitfinex and KuCoin as the companies currently scouting the Indian market.
One of the sources said, “These companies have already begun talks to understand the Indian market and the entry points better.” The source claims to be personally involved with an exchange that is currently researching possible ways to enter the Indian market. Analysts expect the Indian cryptocurrency market to get bigger over the coming months and years.
Kumar Gaurav, the founder of digital bank Cashaa, said, “The Indian market is huge, and it is only starting to grow. If there were more policy certainty by now, Indian consumers would have been spoilt for choice in terms of exchanges, because everyone wants to be here.”
Binance is already active in the Indian market after acquiring WazirX, one of India’s leading cryptocurrency exchanges. KuCoin, Bitfinex and Kraken might also look to enter the market via the acquisition of local cryptocurrency exchanges.
The sources told Reuters that two of the exchanges are currently in the initial stage of deciding whether to explore the Indian market and how best to go about it. The choices are either to set up a subsidiary or purchase an existing Indian crypto firm.
The crypto exchanges are eyeing India despite the potential ban on crypto trading activities. India’s regulatory stance on cryptocurrencies remains uncertain, and that has led some companies not to set up short in the country.