Bitget, a global crypto exchange, has confirmed its plans to become a regulated entity in India. With India’s crypto market witnessing rapid growth, Bitget is in active discussions with the Financial Intelligence Unit (FIU) for licensing.
Simran Alphonso, Head of Global Communications at Bitget, emphasized the importance of compliance and user safety, calling India a “high-priority market.” Bitget is organizing user awareness campaigns to educate investors and has made Know Your Customer (KYC) mandatory to enhance security and compliance.
The company claims transparency, offering verifiable Proof of Reserves and public access to fund storage information. Bitget aims to contribute to India’s Web3 growth, having previously obtained Virtual Asset Service Provider (VASP) licenses in Lithuania and Poland.
Key Developments:
Regulatory Engagement: Bitget actively engages with Indian authorities to meet compliance requirements.
High Priority Market: Bitget’s focus is on India, where it aims to provide top-notch crypto trading services.
KYC Compliance: Bitget has made KYC mandatory to prevent illicit use of digital assets.
Protection Fund: Since its launch in 2022, Bitget’s Protection Fund has been a cornerstone of user security, with an average valuation hitting $429 million in June 2024.
Support for Startups: Bitget previously hosted an accelerator program for India’s startup ecosystem through its $10 million Blockchain4Youth fund.
Bitget’s commitment to compliance and security underlines its mission to serve the Indian market effectively and foster growth in the Web3 space.
