According to OKX’s CMO, the company is considering entering the Indian market by recruiting locals and “understanding the culture.”
In a bold move towards expanding its influence in the ever-evolving world of cryptocurrencies, the globally recognized exchange, OKX, is setting its sights on India. According to insights reported by CoinDesk, the company is gearing up to make a significant entrance into the Indian market, bolstering its efforts to advance the realm of Web3 applications.
OKX’s Chief Marketing Officer, Haider Rafique, divulged the exchange’s strategic plans. Central to this vision is a substantial expansion of its wallet services, with the aim of reaching an extensive network of users within India’s burgeoning developer community. Currently, OKX boasts approximately 200,000 Indian users of its wallet services, which, intriguingly, represent just a fraction of India’s Web3 enthusiasts.
Rafique emphasized OKX’s approach to this endeavor: “We’re going to learn about the community. We’re going to work with local folks — figure out where we can add value.” In essence, OKX is looking to immerse itself in the Indian crypto ecosystem, understanding its nuances, and collaboratively forging a path towards innovation.
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OKX’s Global Footprint
OKX’s decision to embrace India aligns with its broader strategy. As the sixth-largest cryptocurrency exchange globally in terms of trading volume, OKX operates without a conventional global headquarters. Instead, it thrives through regional hubs in prominent global financial centers such as Singapore, Dubai, Hong Kong, and the Bahamas.
Rafique clarified that while OKX’s expansion in India is ambitious, the exchange does not intend to establish a physical office in the country. Instead, it aims to harness the expertise of local talent, entrusting them to spearhead its efforts in the Indian market. “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,” noted Rafique.
Navigating India’s Crypto Landscape
Trading cryptocurrencies remains legal in India, though it operates in a regulatory gray area. With no established framework by a central authority, cryptocurrencies are utilized at the investor’s risk. While they lack the status of legal tender or banking instruments, India imposes a 30% tax on crypto.
In July, India’s Supreme Court castigated the Union government for the absence of clear-cut crypto regulations, highlighting the growing concerns regarding criminal activities associated with digital currencies. Rafique underscored that Indian regulators appear to be distinguishing between Web3 and centralized finance (CeFi), with more significant scrutiny directed towards platforms offering fiat on-ramps.
Rafique articulated OKX’s aspiration: “Once India comes up with a regulatory framework for crypto, then we would like to be the front runners.” While OKX marches forward with its Indian expansion, it’s worth noting that Indian exchanges like CoinSwitch and CoinDCX have faced challenges recently, having to make tough decisions, including staff layoffs, amid market fluctuations.
Related: CoinSwitch, CoinDCX Lay Off Employees Amid Crypto Market Slump