Blockchain
Crypto Exchange Bitget Looks to Expand to India as Regulated Platform
![crypto-exchange-bitget-looks-to-expand-to-india-as-regulated-platform](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51582-crypto-exchange-bitget-looks-to-expand-to-india-as-regulated-platform.png)
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.
Blockchain
OKX Wallet Now Integrated with tanX
Blockchain
OKX Wallet Now Integrated with Wasabi
Blockchain
Fintech Needs to Adopt Advanced AI/ML-Powered Models
![fintech-needs-to-adopt-advanced-ai/ml-powered-models](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51607-fintech-needs-to-adopt-advanced-ai-ml-powered-models.jpg)
The fintech industry is at the forefront of technological innovation, with artificial intelligence (AI) and machine learning (ML) playing a pivotal role in driving this transformation. To remain competitive and meet the evolving demands of consumers, fintech companies must adopt advanced AI/ML-powered models.
The Role of AI/ML in Fintech
AI and ML technologies have the potential to revolutionize various aspects of fintech operations, including:
- Fraud Detection: AI/ML models can analyze vast amounts of transaction data in real-time to identify and prevent fraudulent activities.
- Customer Service: AI-powered chatbots and virtual assistants can provide personalized customer service, improving customer satisfaction and reducing operational costs.
- Risk Management: ML algorithms can assess and predict risks more accurately, enabling better decision-making and risk mitigation.
- Credit Scoring: AI/ML models can analyze alternative data sources to assess creditworthiness, providing more accurate and inclusive credit scoring.
Benefits of Advanced AI/ML Models
Adopting advanced AI/ML models offers several benefits for fintech companies:
- Improved Efficiency: Automating routine tasks and processes can significantly improve operational efficiency and reduce costs.
- Enhanced Accuracy: AI/ML models can analyze data with greater accuracy and speed, leading to more informed decision-making.
- Personalized Services: AI-powered solutions can provide personalized services and recommendations, enhancing the customer experience.
- Scalability: AI/ML models can scale easily to handle increasing volumes of data and transactions, supporting business growth.
Challenges and Considerations
Implementing advanced AI/ML models also presents challenges, including:
- Data Quality: Ensuring the availability of high-quality data is crucial for the effectiveness of AI/ML models.
- Regulatory Compliance: Navigating regulatory requirements and ensuring compliance with data privacy and security standards is essential.
- Integration: Integrating AI/ML models with existing systems and processes can be complex and resource-intensive.
- Talent and Expertise: Accessing skilled talent and expertise in AI/ML is critical for successful implementation and management.
Conclusion
The adoption of advanced AI/ML-powered models is essential for fintech companies to stay competitive and meet the evolving needs of consumers. By leveraging the power of AI/ML, fintech companies can enhance efficiency, improve accuracy, and provide personalized services, driving innovation and growth in the industry.
Source of the news: New Indian Express
The post Fintech Needs to Adopt Advanced AI/ML-Powered Models appeared first on HIPTHER Alerts.
-
Blockchain Press Releases5 days ago
HTX to Upgrade Broker Program Rules, Offering More Flexible Commission Model and Limited-time Benefits
-
Blockchain3 days ago
Virgin Galactic regains NYSE compliance with stock price
-
Blockchain4 days ago
Tether, the largest stablecoin issuer by market capitalization, is expanding its presence in Turkey through a new collaboration aimed at exploring various tokenization use cases among Turkish financial lenders. In a recent blog announcement, Tether revealed that it has signed a Memorandum of Understanding (MoU) with the crypto consultancy firm BTguru to develop comprehensive programs and leverage BTguru’s connections to facilitate discussions with financial institutions in Turkey. The collaboration will primarily focus on asset tokenization, exploring real-world asset tokenization use cases for banks. This initiative aims to harness the benefits of tokenization to enhance the efficiency and transparency of financial transactions. Real-world asset (RWA) tokenization could potentially allocate trillions of U.S. dollars. Analysts at McKinsey & Company estimate that the sector’s market capitalization could reach approximately $2 trillion by 2030 under a base scenario. This partnership coincides with significant regulatory developments in Turkey. Turkish President Recep Tayyip Erdoğan recently signed a new bill into law that regulates the crypto industry and outlines penalties for non-compliance. Crypto exchanges seeking to operate legally in Turkey must obtain a license from the Capital Markets Board, the country’s financial regulatory and supervisory agency. Unauthorized crypto platforms offering trading services could face prison sentences of three to five years. Additionally, the new law imposes fines ranging from $7,500 to $182,600 and mandates that crypto providers implement and report measures such as seizures and other legal enforcement actions. The collaboration between Tether and BTguru reflects a strategic move to align with Turkey’s evolving regulatory landscape while fostering innovation in the financial sector. By focusing on tokenization, Tether aims to provide Turkish banks with advanced tools to tokenize real-world assets, potentially transforming traditional banking practices and enhancing compliance with new regulations. This initiative not only positions Tether at the forefront of financial innovation in Turkey but also sets a precedent for other crypto firms looking to navigate complex regulatory environments. As Tether deepens its engagement with Turkish financial institutions, the move could encourage broader adoption of blockchain technology in traditional finance, thereby fostering a more integrated and compliant digital asset ecosystem. The strategic partnership with BTguru and the proactive approach to regulatory compliance underscore Tether’s commitment to expanding its global footprint while adhering to local laws and promoting the benefits of asset tokenization in the financial sector.
-
Blockchain3 days ago
SMX Launches Blockchain Solution for Enhanced Supply Chain Transparency
-
Blockchain4 days ago
Tether teams up with BTguru to explore RWA use cases for banks in Turkey
-
Blockchain Press Releases5 days ago
HTX Ventures Invests in RedStone Oracles to Expand Modular DeFi Infrastructure
-
Blockchain Press Releases3 days ago
Bitget, BitMart and AscendEX Announce Saving Promotions Featuring Stablecoin WUSD, Up to 11% APY
-
Blockchain Press Releases3 days ago
Bitget Launches Fiat OTC Service for Block Trade, Supporting GBP, EUR and USD