Leading cryptocurrency exchanges are looking for ways to enter the Indian market despite the potential ban on 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 in Binance’s footsteps and looking to explore the Indian market.
Industry sources told Reuters that some of the leading crypto exchanges in the world are investigating different ways they can offer their services in India. The sources cited US-based crypto exchanges, including Kraken, Bitfinex, and KuCoin, as companies currently exploring the Indian market.
One of the sources said, “These companies have already started conversations to better understand the Indian market and entry points.” The source claims to be personally involved in an exchange that currently looking for opportunities to enter the Indian market. Analysts expect the Indian cryptocurrency market to grow in the coming months and years.
Kumar Gaurav, the founder of the digital bank Cashaa, said: “The Indian market is huge and is only just beginning to grow. If there was now more political security, Indian consumers would be spoiled for choice when it comes to exchanging, because everyone wants to be here. “
Binance is already active in the Indian market after the acquisition of WazirX, one of the leading cryptocurrency exchanges in India. KuCoin, Bitfinex, and Kraken could also attempt to enter the market by acquiring local cryptocurrency exchanges.
The sources told Reuters that two of the exchanges are currently in the early stages of deciding whether to explore the Indian market and how best to proceed. You have the choice of either starting a subsidiary or buying an existing Indian crypto company.
The crypto exchanges are keeping an eye on India despite the possible ban on crypto trading activities. India’s regulatory stance on cryptocurrencies remains uncertain, and that has resulted in some companies failing to settle in the country on the short term.