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
Bybit Web3 and Aptos Kick Off APT Ecosystem Airdrop
Blockchain
Torram Unveils Groundbreaking Infrastructure Tailored to Usher in a New Era of Bitcoin DeFi
Blockchain
CertiK Co-Founder, Ronghui Gu, Delivers Keynote Speech at 2024 Singapore FinTech Festival
-
Blockchain Press Releases5 days ago
HTX Ventures: Fueling Exchanges’ Transformation into Hubs for DeFi-related Services through Education and Diversification, Empowering investors to Manage Risks and Liquidity in a Volatile Market
-
Blockchain7 days ago
Accredited Solutions, Inc. Announces Strategic Acquisition of GlobeTopper, a $37M Revenue Platform Acquisition to Anchor Fintech Strategy
-
Blockchain Press Releases4 days ago
Modern Lion and Hyundai Card Partner with NEAR Protocol to Revolutionize Concert Culture with Web3 Integration
-
Blockchain Press Releases5 days ago
WSPN and Ample FinTech Join Forces to Advance Enterprise-Grade Web3 Payment Solutions
-
Blockchain4 days ago
Eric Trump to Speak at Bitcoin’s largest conference in Abu Dhabi this December
-
Blockchain Press Releases3 days ago
Bybit and Block Scholes Uncover Post-Election Bullish Sentiment: Traders Lean Into Leveraged Longs Amid Stabilized Market
-
Blockchain Press Releases6 days ago
HTX Ventures: Crypto’s Impact on 2024 U.S. Election Dynamics
-
Blockchain6 days ago
Bybit Receives Georgian VASP License, Strengthening Global Regulatory Presence