Key Takeaways
- OKX aims to be at the forefront once India establishes a regulatory framework for crypto
- The exchange aims to recruit local talent and collaborate with India’s vibrant developer community
OKX, the sixth-largest cryptocurrency exchange globally in terms of trading volume, is strategically venturing into the Indian market to tap into the growing potential of Web3 applications. As per media reports, the company aims to recruit local talent and collaborate with India’s vibrant developer community to enhance its wallet services.
Recently, OKX partnered with the blockchain platform Neo for an APAC Hackathon held in Bengaluru. This move, according to Haider Rafique, Chief Marketing Officer of OKX, is a way to validate assumptions, immerse in the local culture, and support the thriving Web3 ecosystem in India.
Rafique emphasized the importance of OKX’s community-focused approach, stating, “We’re trying to identify who’s who in the zoo and what is their contribution. There’s a large developer community. How do we help them? Build a relationship with them.” By adopting this approach, OKX aims to establish itself as a trusted participant in the Indian market.
Cryptocurrency trading is legal in India, although specific regulations enforced by a central authority are currently lacking. Cryptocurrencies are traded and used at investors’ risk and do not hold legal tender status, nor can they be used for banking purposes. India imposes a 30% tax on crypto transactions.
In July, India’s Supreme Court reprimanded the Union government for the absence of cryptocurrency regulations and urged them to disclose their plans for regulating digital currencies due to the rise in criminal activities involving cryptocurrencies.
Rafique expressed optimism regarding India’s regulatory stance, suggesting that regulators are beginning to differentiate between Web3 and centralized finance (CeFi) platforms. He noted, “They’re more concerned about venues that have fiat on-ramps, which we do but we don’t offer it in India.” He added that OKX aims to be at the forefront once India establishes a regulatory framework for cryptocurrencies.
This move by OKX comes at a time when Indian-based crypto firms are grappling with market volatility. In August, Indian crypto exchange CoinDCX laid off approximately 12% of its workforce, citing evolving business priorities and a challenging business environment.
