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cryptonews 2024-12-11 10:50:28

Bitget COO Talks India Expansion, Stresses Compliance as Top Priority

Bitget COO Talks India Expansion, Stresses Compliance as Top Priority

In an exclusive interview with CryptoNews, Bitget COO Vugar Usi Zade shared insights into the exchange’s plans for the Indian market, the challenges posed by local regulations, and how the company aims to solidify its presence in one of the world’s largest crypto ecosystems. Talking about crypto ecosystem in India, Bitget COO said, “The biggest driver now is the legislation. When things are certain, it’s easy to operate,” he said. However, he noted that India’s crypto tax policies —particularly the 1% TDS on every transaction and the steep 30% tax on gains—could act as deterrents. Steep Taxation Could Drive Illicit Activities India currently implements a very steep taxation policy on crypto gains. There is 30% direct tax on crypto profits and 1% tax deductible at source on each crypto transaction, discouraging users from engaging with crypto. Bitget COO expressed concerns about the potential rise of black-market activities given the high taxes on crypto. “Unfortunately, I believe this kind of very harsh taxation may fuel the black market, and therefore the legislators should be very keen to make sure that this kind of black market or like under the table action doesn’t happen. In my opinion, it’s a huge roadblock for users, especially in this economy.” Bitget Gears Up to Scale in India With Compliance-First Approach “We’re in advanced talks with regulators and days away from completing the process,” Usi Zade said on fully launching in India. While the exchange currently serves a limited number of users in India, it plans to onboard new customers only after receiving a green light from authorities. “We want to ensure compliance to avoid fines and serve customers responsibly,” he added, alluding to lessons learned from other exchanges facing regulatory penalties. Earlier, Binance paid a $2.25 million fine to return to India after the authorities blacklisted the exchange over non-compliance. Bitget is also making significant investments in the region. “We are setting up a local office and actively hiring. By the end of the year, we’ll have a local presence with locals helping locals,” Usi Zade said, emphasizing the importance of tailoring operations to the Indian market. Bitget’s plans in India are part of its broader growth narrative. Globally, the exchange has risen to become the fourth-largest, with 45 million users and $10 billion in daily transactions. Key growth markets include Latin America, Turkey, and the CIS countries, where targeted efforts have led to five-to-tenfold growth in user bases, Vugar noted. The post Bitget COO Talks India Expansion, Stresses Compliance as Top Priority appeared first on Cryptonews .

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