OKX Eyes Indian Expansion to Redefine Web3 Ecosystem
The Seychells-based crypto exchange OKX has revealed plans to enter the Indian crypto market. An official announcement from the crypto exchange demonstrated that the OKX team plans to onboard more Indian users to the Web3 sector.
Besides revealing the expansion plans to India, the OKX group will offer employment opportunities to the Indians. The exclusive entrance of OKX to India aligns with the government’s vision 2047, which seeks to create more employment opportunities.
OKX Pursuing Indian Market
A recent study by the Centre for Monitoring the Indian Economy (CMIE) indicated that the unemployment rate has reached 7.95%.
Addressing the media, the chief marketing officer at OKX, Haider Rafique, anticipated that the crypto exchange would expand its wallet services exponentially after entering the South Asian country. A review of the customer report demonstrated that approximately 200000 OKX wallets are owned by the Indians.
The information portrayed that OKX users in India constitute 5% of Web3 maximalists. Rafique stated that the OKX team is willing to learn more about the Indian community. The executive confessed that the OKX team will work closely with the local firms to explore ways to add value to the crypto sector.
In the meantime, the OKX team has no plans to open a shop in the Indian market. Establishing a physical office mandates the OKX team to engage the local talents to attain the desired results. The entrance of OKX to India aims at identifying and collaborating key players in the market, by assessing their past achievements.
Rafique lauded the efforts made by the larger developers group. The executive requested the public to support the developers by establishing a solid relationship.
The official proposed that by adopting the community approach, the OKX team could smoothly enter the Indian market.
Ongoing Push for Web3 Adoption
Rafique affirmed that the OKX expansion to India was a significant milestone for the crypto exchange to develop a deep understanding of the culture of India. He added that the entrance of OKX in India aims at redefining the Web3 landscape in the region.
Lately, the OKX team has been championing the broad adoption of Web3 by partnering with Neo to introduce an APAC Hackathon program for the Indians.
In his statement, Rafique noted that the regulators seek to regulate Web3 and centralized finance (CeFi) separately. The executive pointed out that the regulators are more concerned about the compliance level of exchanges that offer fiat on-ramps services.
Rafique stated that the OKX team would not provide the Indians with the fiat on-ramps service. However, the executive is still optimistic that India will develop a regulatory framework for digital assets.
Before then, the crypto exchange plans to be a forerunner for crypto assets in India. Rafique restated the need to onboard new talents from India to attain the intended purpose.
News concerning the expected employment opportunities has exhilarated the community after leading crypto exchanges in India, CoinSwithch, and CoinDCX, reduced headcount due to market uncertainty.
Irrespective of this, to support the growth of the crypto sector, Indian regulators have been seeking to come up with favorable regulations for crypto assets. Even though the country has accepted the buying and selling of crypto assets, the regulators are exploring ways to fill the regulatory gaps in the digital sector.
In the meantime, most crypto-related activities in India are unregulated since digital assets are not considered legal tender.
A submission before the Indian Supreme Court showed that the union government failed to regulate crypto assets. The court demanded the Indian authority to address crypto-related crime.
Also, the court urged the government to develop a strategic plan to improve crypto regulations. Earlier, the union government extended the Prevention of Anti-money Laundering Act, 2002 ( PMLA) regulation to the crypto industry. This provision addresses money laundering activities in the crypto sector that might threaten the country’s financial infrastructures.
Under the PMLA requirement, the union government implemented the 30% crypto tax on the profit generated from buying and selling digital assets.
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