in

BitGo Eyes Entry into India’s Growing Crypto Market

BitGo in Talks with Indian Regulators
Digital assets company BitGo is exploring opportunities to enter India’s booming crypto market. The company is actively engaging with India’s Financial Intelligence Unit (FIU) to navigate regulatory requirements, COO Chen Fang revealed during India Blockchain Week.

Despite a ban on offshore exchanges, India topped the 2024 Chainalysis Crypto Adoption Index. The country’s crypto market revenue is projected to hit $6.6 billion in 2024, according to Statista. Fang confirmed, “We’re not in the Indian market yet but are very interested in entering it.”

India’s Regulatory Landscape
BitGo’s expansion into India will require compliance with strict local laws. In late 2023, the FIU classified nine global exchanges, including Binance and Kraken, as non-compliant with Anti-Money Laundering laws, banning their platforms. Binance later complied after paying an $86 million tax penalty.

BitGo’s Global Reach
Based in California, BitGo operates in over 50 countries, with 150 of its 460 employees located in Bangalore. The company provides institutional trading and custody services and has physical storage facilities in key locations such as the U.S., Germany, and Singapore, where it recently secured a license to operate a crypto exchange.

Concerns Over Blockchain Decentralization
Chen Fang also criticized the crypto industry’s lack of decentralization, suggesting it falls short of the vision of Bitcoin’s creator, Satoshi Nakamoto. He noted, “Many blockchains are not decentralized. Often, a single company controls the sequencers processing transactions, which undermines true decentralization.”


What do you think?

Written by cryptojournalist

A journalist that loves crypto

Trump Picks Paul Atkins, Crypto Advocate, to Lead SEC

Missouri Bill Aims to Ban CBDCs and Promote Gold and Silver