Catenaa, Wednesday, December, 18, 2024 – Cryptocurrency exchange Bitget is ramping up its presence in India, with plans to establish a local office and expand operations, Chief Operating Officer Vugar Usi Zade revealed in an interview.
The exchange is prioritizing regulatory compliance as it navigates India’s complex crypto landscape, marked by high taxes and evolving legislation.
Bitget is in advanced discussions with Indian regulators and is days away from completing formal approvals, Usi Zade said.
India’s crypto ecosystem faces challenges due to steep taxes, including a 30% levy on profits and a 1% tax deductible at source (TDS) on transactions. Usi Zade expressed concerns that such measures could fuel black-market activities.
Despite hurdles, Bitget is investing heavily in India.
Globally, Bitget ranks as the fourth-largest exchange, with 45 million users and $10 billion in daily transactions. Its expansion in India is part of a broader strategy targeting markets like Latin America and Turkey, where user bases have grown five to tenfold.
