OKX to Enter in India, Hire local Staff

OKX, the cryptocurrency exchange is planning to enter India and hire local staff to manage its services. Today it was reported about OKX’s strategy to launch its setup in India. OKX might face some of the uncertainties in regulating in India, but it has certain plans to enter India. OKX will hire the local staff for the management and will supervise them.

CMO’s Remarks

Haider Rafique, the Chief Market Officer (CMO) shares that the exchange is looking for opportunities and the best possible way to build up its setup in India. He believes that it is part of expanding OKX worldwide. Moreover, he added that the majority of clients are from India so it would be easier for them to operate from India.  

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Rafique shared with publications that expansion will be carried out in steps. For now, they are aimed to expand the wallet services by collaborating with the developer community of India. He adds that OKX has almost 200,000 Indian wallet users which is about 5% of India’s web3 users. Moreover, OKX is concerned about the fiat on-ramp which OKX is not offering in India. But, if OKX launches in India, Rafique believes that they will be front runners in India.

Regulatory Uncertainties

Although OKX is optimistic about its expansion in India, there are some regulatory restrictions that will trouble OKX. India imposed heavy taxes on cryptocurrencies last year but still hasn’t declared crypto assets as legal assets in the country.

It is important to note that, last year India supported the stance of formulating the rules for cryptocurrencies in the G20 conference. Back in July 2023, Indian courts encouraged the Union government to establish a federal agency to investigate cases related to crypto crimes. Although India seeks to be financially free by employing cryptocurrency but still hasn’t carved out a proper regulatory framework for it.