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Bitget Seeks Regulatory Approval In India To Enhance Compliance And Market Operations

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Bitget, a major cryptocurrency exchange, is actively engaging with Indian regulators to secure the necessary licensing to operate in compliance with local laws. The company announced on July 3 that it has been in discussions with India’s Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration.

Importance of VASP Registration

Simran Alphonso, Bitget’s head of global communications, highlighted the significance of VASP registration for tax compliance and operational transparency. Alphonso emphasized, “It also provides a safe ground to host meetups, interact with the community and run educational drives. It makes a crypto exchange more reliable and credible.”

Alphonso further elaborated that FIU registration would enhance consumer protection by aiding in dispute resolution, fraud compensation, and support from civil forces in tracking down scammers.

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Current Operational Challenges

Despite currently operating in India, Bitget faces challenges due to the lack of VASP registration. Alphonso noted, “There’s difficulty for new users to access Bitget apps on Google Play Store and App Store while existing users can use the app with all its available features.” However, she did not specify the exact services Bitget offers its current users in India.

Commitment to the Indian Market

Despite these hurdles, Alphonso expressed Bitget’s strong commitment to the Indian market, describing it as a “high-priority market” for the company.

Recent Developments and Compliance Efforts

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Bitget’s move towards compliance comes in the wake of recent approvals by India’s FIU for VASP applications from other major exchanges like Binance and KuCoin in May 2024. These approvals reinstated their legal status in India after the FIU had issued noncompliance notices to nine crypto exchanges, including Binance and KuCoin, in late 2023.

Due to these compliance issues, apps from Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC were blocked on Apple’s App Store in India in December last year. KuCoin reportedly paid a penalty of $41,000 and resumed operations in May 2024. The FIU also fined Binance $2.25 million for servicing Indian clients without adhering to local Anti-Money Laundering rules.

Alphonso stated, “Currently other global exchanges — like KuCoin and Binance — have paid penalties and are now completing the registration to restore full services. This is now the same case with Bitget — it’s applied for registration and is currently in talks with the regulators.”

Bitget’s active engagement with Indian regulators and pursuit of VASP registration underscores its commitment to operating within legal frameworks and enhancing its credibility and reliability. By obtaining the necessary licensing, Bitget aims to ensure tax compliance, operational transparency, and robust consumer protection, thereby strengthening its position in the high-priority Indian market.

Source: cryptodality.co.uk

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The post Bitget Seeks Regulatory Approval In India To Enhance Compliance And Market Operations appeared first on HIPTHER Alerts.

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UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System

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The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.

Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.

“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”

ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.

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“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”

The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.

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Bybit Supports Wildlife Conservation Through Sea Turtle Adoption Initiative with Subsum

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Libfx.com Announces Vision to Build a World-Class Financial Platform

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