Some of the biggest given name that are in the crypto exchange businesses are enthusiastic to capture the cryptocurrency trading market of India, even if the government has not yet questioned clear-cut regulatory policies. Back in 2019, the crypto exchange has made an entry into the Indian market while acquiring one of the most recognizable cryptocurrencies of the country on the WazirX platform.
The aforementioned trio would also be going to pursue the same entry strategy by acquiring or creating a strategic partnership with the other Indian crypto exchanges. The global exchanges were already in the process of considering the main circumstances in India that includes the beginning due diligence for the attainment of the local crypto exchanges.
Apart from making the partnership with the Indian crypto exchanges, these platforms are also electing the subsidiary routes while establishing their presence in the County. United States exchange has made an announcement regarding the plans to extend its business in India, and since then, it has started hiring engineers, customer support providers, and experts for software development.
The company has also hired Pankaj Gupta to play the role of the vice president, who is an expert in Coinbase India. He is also a former engineer who has led Google Pay in India along with the operations in the Asia Pacific.
The transformed interest in India is approaching in spite of a clear framework for the authoritarian actions for cryptocurrencies in the country. Earlier in the year, the fears of the blankets have also seen a given way for the nuanced regulations.
However, the Reserve Bank of India had remained disparate to cryptocurrencies, positioning its unchanged location on digital currencies. However, the Central Bank of India had clarified in May that it had not given any instructions to the banks to Shun crypto exchange.
The supreme court in India has overturned the crypto ban that is made on RBI in March 2020, which has prevented crypto exchanges from operating bank accounts in the country.