Bitget seeks license to operate in ‘key market’ India
Bitget has confirmed that it is working with India’s Financial Intelligence Unit (FIU) to become a registered crypto company in the country. In a press release issued on Wednesday, Bitget called India a “key market” and said that the country’s crypto market has seen significant growth in recent times. Founded in 2018, Bitget is registered in the Seychelles and the company is seeking to obtain a license to operate and become a legal crypto entity. In recent months, other international crypto exchanges such as Delta and Binance have also said that they are working to comply with the FIU’s regulations.
Bitget is working on operating as a legal crypto entity in India
The crypto company has announced that it is “actively working with the regulatory authorities (FIU-IND) to ensure compliance with existing regulations in India so that it can operate as a legal crypto entity in the country.”
As part of the FIU registration processCrypto companies must agree to implement a strict KYC system, maintain transaction records, report suspicious transactions to the financial watchdog, and foster a systematic business ecosystem that trusts users to participate in the otherwise financially risky and volatile digital asset sector.
There has also been an emphasis on crypto companies agreeing to comply with India’s anti-money laundering and counter-terrorist financing laws. Companies that register with the FIU will also be required to conduct regular audits, prioritize customer service, and maintain legal compliance to continue their operations.
The FIU released its list of requirements from the crypto firms in gradual phases, starting around the first half of 2023. After the agency compiled a comprehensive compliance book, India directed all crypto firms to register with the FIU by December 2023.
Bitget says it will provide users with access to verifiable Proof of Reserves data, along with comprehensive information on the storage of funds.
The exchange claims that it already maintains a KYC system for new users. It also says that it has been active in organizing crypto awareness initiatives in multiple global locations to help investors make informed decisions.
“India is a high-priority market,” said Simran Alphonso, Head of Global Communications at Bitget, in a prepared statement.
Bitget targets India
Bitget has been active in the global crypto exchange market since 2018 and has offices in Hong Kong, the UAE, and other regions in Europe and parts of the US.
In May this year, Bitget partnered with Web3 payment platform Alchemy Pay to process crypto purchases using India’s INR currency.
Last year, the exchange announced that it would strategically invest $10 million in promising crypto startups.
After India banned the activities of several foreign crypto companies, including Binance, Kraken, and KuCoin, in December 2023, Bitget began preparing to comply with Indian law.
The company claims it has already obtained Virtual Asset Service Provider (VASP) licenses in Lithuania and Poland.
