The cryptocurrency alternate OKX plans to enter the Indian market and recruit local employees in an effort to broaden the chances of Web3 functions, in accordance to a CoinDesk report.
OKX chief advertising officer Haider Rafique mentioned the corporate plans to scale up its pockets providers “exponentially” through entrance into India’s developer neighborhood. He continued, saying there are presently 200,000 OKX Wallet customers in India, which equates to barely 5% of India’s Web3 customers.
“We’re going to learn about the community. We’re going to work with local folks — figure out where we can add value.”
OKX is the sixth-largest cryptocurrency alternate worldwide by way of quantity, in accordance to present data from CoinMarketCap. It additionally doesn’t have a worldwide headquarters however relatively works out of regional hubs in Singapore, Dubai, Hong Kong and the Bahamas.
Rafique mentioned the corporate wasn’t planning on opening an workplace in India however would rely upon local employees to lead its efforts within the nation.
“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.”
He commented that by taking the neighborhood strategy, it may spotlight the precise method to enter the local market.
Recently, OKX partnered with the blockchain platform Neo for an APAC Hackathon within the southern Indian metropolis of Bengaluru. Rafique referred to as this transfer a check to validate assumptions, perceive the tradition, and assist the local Web3 ecosystem.
Related: Basis trading, simplified, and how exchanges adapt to institutional needs — Q&A with OKX
Trading cryptocurrencies is authorized in India, although there are presently no set laws in place by a government, and they’re traded and used on the danger of the investor. While they don’t seem to be banned, in addition they shouldn’t have any standing as authorized tender, nor can they be used for banking functions. The nation presently imposes a 30% tax on crypto.
On July 27, India’s Supreme Court reprimanded the Union government for the shortage of crypto laws. It pushed the federal government to reveal if it has any plans for upcoming laws of digital currencies due toa rise in criminal activities involving cryptocurrencies.
Rafique mentioned he thinks regulators there are starting to separate Web3 from centralized finance (CeFi). “They’re more concerned about venues that have fiat on-ramps, which we do but we don’t offer it in India,” he mentioned.
“Once India comes up with a regulatory framework for crypto, then we would like to be the front runners.”
While OKX plans to hire on-the-ground employees in India, Indian cryptocurrency exchanges CoinSwitch and CoinDCX have lately had to lay off staff by the hands of the present market hunch.
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