As a seasoned researcher with years of experience in the ever-evolving world of digital assets and blockchain technology, I find myself intrigued by BitGo’s ambitious plans to enter India’s burgeoning crypto market. Having navigated through various regulatory landscapes across continents, I can appreciate the challenges that lie ahead for a global player like BitGo in a market as complex as India.
Cryptocurrency management service BitGo is having talks with the regulatory body of India regarding entering their vast, multi-billion dollar domestic market.
The company has been actively discussing matters with India’s Financial Intelligence Unit (FIU), as per BitGo COO, Chen Fang, in a conversation with CryptoMoon at the India Blockchain Week.
Despite a recent prohibition on offshore cryptocurrency exchanges, the nation led Chainalysis’ cryptocurrency adoption index in the year 2024. According to Statista predictions, India’s cryptocurrency market revenue is projected to surpass $6.6 billion in 2024.
Fang stated, “At present, we’re absent from the Indian market. However, our interest in this market is evident, which brings us here. We’re actively engaging with the Financial Intelligence Unit (FIU) for discussions regarding potential entry into their market.
Beginning November 2nd, BitGo unveiled a worldwide platform that caters to retail customers for the first time in its existence spanning over a decade. However, providing services to Indian clients necessitates completing full registrations according to local regulations.
In December 2023, India’s Financial Intelligence Unit (FIU), which operates under the Department of Revenue, categorized nine foreign digital currency exchanges as non-adherent to the nation’s Anti-Money Laundering regulations. This classification resulted in a prohibition on accessing their websites and mobile applications within the country.
The ban reached various international exchanges like Binance, HTX, Kraken, Gate.io, KuCoin, Bitstamp, MEXC, Bittrex and Bitfinex. Notably, Binance eventually adhered to regulatory standards about eight months later, incurring a $86 million tax penalty.
Headquartered in California, BitGo boasts a global workforce of 460 individuals, with 150 based specifically in their Bangalore office. Now, they’re looking to extend their specialized trading and secure storage solutions to institutional clients operating within the Indian market.
As a researcher, I’ve discovered that this company boasts a global clientele serving over 50 countries. However, it’s interesting to note that its operational storage facilities are confined to seven different jurisdictions: the United States, Germany, Switzerland, South Korea, and Singapore, where they’ve just secured a license for cryptocurrency exchange operations.
Satoshi would be “disappointed” with blockchain industry decentralization
Additionally, Fang expressed his disapproval towards the degree of decentralization observed within the cryptocurrency sector, suggesting that the inventor of Bitcoin, Satoshi Nakamoto, might feel disillusioned with how the industry has evolved.
Speaking from a crypto investor’s perspective, I can’t help but feel that Satoshi might be a bit disheartened when observing the current state of decentralization in our space.
If you look carefully at some of the blockchains that are getting a lot of traction, some of these blockchains [are] actually not decentralized. Seriously, ask yourself, who actually controls some of these blockchains? How many sequencers are there?”
In simpler terms, sequencers serve as the managers of transactions within a blockchain system. When there are only a few sequencers in a network, one entity could potentially exert excessive influence over user’s transaction activities.
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2024-12-04 21:31