Blockchain
Crypto Exchange Bitget Looks to Expand to India as Regulated Platform
Bitget, a well-known crypto derivatives exchange, is planning to expand its operations into India, one of the world’s most populous nations, in compliance with the country’s regulatory requirements. In a lengthy post on X, the company’s head of global communications, Simran Alphonso, said the firm is in talks with Indian regulators to acquire an operational license to enable it to legally serve its customers in the region.
Regulatory Pursuit in India
Alphonso revealed the company sees India as an important market for its business offerings and is currently pursuing a regulatory license to serve as a compliant platform for crypto trading. “India is a high-priority market for Bitget. We’re actively navigating through regulations to make sure the platform is compliant for us to serve our users in India,” she wrote on X. Bitget also described the nation as a “playground for blockchain and crypto,” noting that it has contributed significantly to the growth of the industry thanks to its massive population and highly skilled talent.
In 2022, India emerged as one of the leading countries with the highest adoption rate for cryptocurrencies. According to data from blockchain analytics company Chainalysis, the nation ranked second after the United States in terms of global transaction volume.
Global Compliance Efforts
Bitget said its pursuit of operational licenses in jurisdictions with clear regulatory frameworks has awarded it two licenses outside of India. The firm has received regulatory approval from financial regulators in both Poland and Lithuania to serve as a virtual asset service provider (VASP) within the European nations.
The exchange has now set its sights on the Indian market and plans to provide more updates regarding its progress in the coming weeks. However, it is important to note that Bitget currently offers crypto trading services to Indian users. According to the company’s website, the exchange is legally registered in the country.
Bitget began servicing Indian users in April 2022 when the country newly introduced its crypto taxation law that requires traders to report 30% of their earnings to the nation’s Central Board of Direct Taxes (CBDT). During that time, the government allowed offshore crypto service providers to operate in compliance with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) laws within the nation.
Compliance Challenges and Setbacks
However, the regulatory landscape changed for crypto exchanges when the country’s Financial Intelligence Unit (FIU) discovered that some of the offshore companies had failed to comply with the AML/CFT rules while still catering to their customers in the country. In December 2023, the regulator demanded that the nation’s Ministry of Electronics and Information Technology ban the URLs of nine crypto exchanges operating within the country, forcing them to close their businesses. These non-compliant exchanges included Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. The country now imposes stringent regulations, demanding the exchanges to register with FIU before operating within the nation.
In April 2024, Binance reportedly paid a fine of $2.2 million to the country’s financial regulator to enable the company to return to the Indian market as a regulated exchange.
Source: coinspeaker.com
The post Crypto Exchange Bitget Looks to Expand to India as Regulated Platform appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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