Some of the biggest names in the cryptocurrency business are reportedly eager to break into the Indian crypto trading market, even if the government has not yet put in place clear regulatory guidelines.
According to Reuters, Kraken, Bitfinex and KuCoin are supposed to examine examining the potential of establishing themselves in India.
The major crypto exchange Binance entered the Indian market in 2019 and acquired one of the most famous cryptocurrency trading platforms in the country, WazirX.
The aforementioned trio could also pursue a similar entry-level strategy by acquiring or entering into strategic partnerships with other Indian crypto exchanges.
According to the Reuters source, these global exchanges are already in the process of understanding the operating conditions in the country, including preliminary due diligence on acquiring local crypto exchanges.
In addition to the partnership with Indian crypto exchanges, These platforms could also opt for the subsidiary route to establish their presence in the country.
As previously reported by Cointelegraph, the leading US stock exchange, Coinbase announced plans to expand its business to India and has since started hiring engineering, customer support and software development experts in the country.
In April, the company also hired Pankaj Gupta as Vice President of Engineering for Coinbase India.Gupta is a former technical director for Google Pay operations in India and Asia Pacific.
The renewed interest in this country comes despite the lack of a clear regulatory framework for cryptocurrencies.Â Fears of a blanket ban at the beginning of the year seem to have given way to discussions about more differentiated regulations.
however, The Reserve Bank of India continues to strongly oppose cryptocurrencies, stating that its position on digital currencies remains unchanged. Even so, the central bank made it clear in March that it had not instructed banks to avoid exchanging cryptocurrencies.
India’s Supreme Court lifted RBI’s cryptocurrency ban in March 2020, which prevented crypto exchanges from operating bank accounts in the country.
The RBI ban reportedly hit the country’s crypto industry, which was worth around $ 12.9 billion at the height of the 2017 Bull Run.