- OKX’s chief marketing officer (CMO) said it’s considering expanding into India despite regulatory uncertainty.
OKX, a cryptocurrency exchange, has announced plans to expand into India and hire locally despite regulatory uncertainty, according to a report by CoinDesk.
OKX’s chief marketing officer, Haider Rafique, told the publication that OKX plans to grow its wallet services by working with the country’s developer community. He also said that OKX has about 200,000 wallet users in the country at the moment. Approximately 5 per cent of India’s web3 consumers, according to the report.
Rafique stated that authorities are more cautious about venues that have fiat on-ramps, “which we do but we don’t offer it in India,” adding that once India launches a crypto regulatory framework then “we would like to be the front runners.”
Regulation Uncertainty In India
Even though OKX seems positive about the future in India, regulatory uncertainty continues in the country. Authorities in the country charged high taxes on crypto gains last year but have not explicitly declared cryptocurrencies lawful.
Earlier this year, India, as the G20 group’s leader, submitted an input note proposing a roadmap for the creation of globally coordinated crypto asset rules.
The Indian Supreme Court ordered the Union government to record whether it plans to create a federal body to investigate crypto-related crimes in July, Hindustan Times reported.
The Reserve Bank of India (RBI) is continuing to research and build its own central bank digital currency, which is being referred to as the “digital rupee,” despite the fact that India’s position on cryptocurrencies is still not entirely clear.