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Kraken, KuCoin, Bitfinex to expand to India

TL;DR

TL;DR Breakdown

  • Exchanges set to debut in India
  • Hot and cold crypto environment in India

Amidst stern regulatory concerns for the crypto industry in India, Kraken, KuCoin and Bitfinex are planning their launch in the Asian country.

Reports by Reuters suggest that the exchange firms are “exploring ways to get set up in India.” Quoting four anonymous sources, Reuters state that US-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are actively scouting the market,”

They note that the exchange firms have started talks better to understand the market and the entry points. Reports that these exchange firms are gearing to break in India come at a time when high uncertainty has filled the air in India if the government is going to ban cryptocurrencies or not in the country.

Those against the ban in the country hold that a ban would stifle innovation in the country, while the government has previously said it intends to protect consumers.

KuCoin, Bitfinex and Kraken are major exchanges in the crypto space. According to CoinMarketCap, all three are ranked in the top 10 crypto exchanges that exist at the moment.

The hot and cold crypto industry in India

The crypto space in India has continued to attract the biggest in the industry despite fierce regulatory concerns from authorities in the country.

Before reports that Kraken, Bitfinex and KuCoin intend to come into the country, Coinbase announced in March that it was establishing a business presence in the country. Amidst all this interest, the Reserve Bank continues to talk about an outright ban on cryptocurrencies.

Shaktikanta Das, governor of the Reserve Bank, said recently that the central bank maintains its critical stance against the cryptocurrency industry. “There is no change in RBI’s position,” Das said at an online press conference. However, he added that the central bank still holds “major concerns around cryptocurrency.”

The same Reserve Bank signaled it has softened its stance on crypto when it said banks should not rely on an old circular that restricted them from working with crypto companies. They stated further that legislators are looking at regulation rather than an outright ban

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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