- OKX, a prominent international cryptocurrency exchange, intends to enhance its market presence in India, notwithstanding the prevailing regulatory ambiguity within the nation.
- The company’s objective is to expand its wallet services and establish connections with the local development community.
- Currently, OKX has a user base of over 200,000 wallet users in India, accounting for approximately 5% of the total web3 users in the nation.
- India possesses a multifaceted regulatory framework characterized by a lack of definitive regulation pertaining to cryptocurrencies and web3 technologies.
- The government has implemented a 30% tax on profits derived from cryptocurrency investments and has also adopted regulations aimed at preventing money laundering activities.
- The Reserve Bank of India maintains its stance against the legalization of cryptocurrencies, while concurrently investigating the potential implementation of a digital form of the national currency, the rupee.
- The formidable regulatory landscape has impeded the ability of foreign exchanges such as Coinbase to effectively develop a robust foothold in the Indian market.
- OKX’s objective is to establish a clear distinction between web3 and centralized finance (CeFi) and aspires to assume a prominent position in the Indian market once regulatory frameworks are well-defined.
- The exchange has no current intentions to establish a physical presence in India, but instead aims to establish a local staff and provide support to the developer community in the region.
- OKX has formed a strategic alliance with the blockchain platform Neo in order to get insights into the indigenous culture and provide assistance to the Web3 ecosystem in India.
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