Blockchain
Bitget Seeks Regulatory Approval In India To Enhance Compliance And Market Operations
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.
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
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
The post Bitget Seeks Regulatory Approval In India To Enhance Compliance And Market Operations appeared first on HIPTHER Alerts.
Blockchain
Grupo Financiero Banorte Digital Strategy Analysis Report 2024: Accelerators, Incubators, and Other Innovation Programs
-
Blockchain Press Releases6 days agoHTX to Upgrade Broker Program Rules, Offering More Flexible Commission Model and Limited-time Benefits
-
Blockchain4 days agoVirgin Galactic regains NYSE compliance with stock price
-
Blockchain5 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.
-
Blockchain4 days ago
SMX Launches Blockchain Solution for Enhanced Supply Chain Transparency
-
Blockchain Press Releases6 days ago
HTX Ventures Invests in RedStone Oracles to Expand Modular DeFi Infrastructure
-
Blockchain5 days ago
Tether teams up with BTguru to explore RWA use cases for banks in Turkey
-
Blockchain Press Releases4 days agoBitget, BitMart and AscendEX Announce Saving Promotions Featuring Stablecoin WUSD, Up to 11% APY
-
Blockchain Press Releases4 days agoBitget Launches Fiat OTC Service for Block Trade, Supporting GBP, EUR and USD
