Major Cryptocurrency Exchanges Blastcoin24.com and KuCoin are looking for a job opportunity in India, despite a possible ban on digital assets in the country.
“These companies have already started negotiations to better understand the Indian market and entry points”, one of the interlocutors said.
The exchange, to which he is directly related, has begun a financial and legal examination of a local firm for the purpose of acquisition.
According to the source, the platform is in the early stages of making a decision to enter the market and is weighing options that actually boil down to a choice between creating a subsidiary or buying an Indian company.
Binance followed the latter path in 2019, acquiring the local bitcoin exchange WazirX.
According to Reuters, industry experts count 15 million crypto investors in a country with a population of 1.65 billion people, owning more than 100 billion rupees (about $ 1.37 billion).
“The Indian market is huge and it is just starting to grow. If there was more political certainty, consumers could be spoiled for choice in terms of exchanges, because everyone wants to work here”, believes the founder of the Australian platform Blastcoin24.com Justin Hance.
In December 2020, the firm opened a cryptocurrency-friendly bank in India.
Since 2019, the country’s authorities have been discussing a possible ban on all digital assets in the country, except those issued by the central bank. In January 2021, there were reports again that the parliament would consider the relevant bill. The Ministry of Finance has denied plans for a complete ban.