OKX Plans Market Entry into India
Crypto exchange platform OKX is planning to expand its market presence into India by initiating local hiring efforts.
OKX Plans Market Entry into India
OKX, one of the top 10 cryptocurrency exchanges by trading volume, is gearing up to enter the Indian market and is currently recruiting local talent to explore the Web3 potential in the country, shared Marketing Director Haider Rafique with CoinDesk.
OKX currently boasts approximately 200,000 wallet users in India, comprising only 5% of the nation's Web3 user base. The exchange aims to scale up its wallet service offerings and engage with the developer community in India, known as a hub of technology talent.
The Marketing Director of OKX stated:
"We will learn from the community, work with local staff, and seek out where we can add value."
While OKX does not have a global headquarters, it operates regional centers in Hong Kong, Singapore, Dubai, and the Bahamas. As such, OKX currently has no plans to open an office in India but is initially focused on building a local leadership team to drive its market initiatives.
Recently, OKX released its 10th reserve proof, with a snapshot taken on August 25th. The report revealed user assets including 135,259 BTC; 966,527 ETH (a 2.1% increase); 5,011,070,982 USDT (a 0.2% increase); 282,285,891 USDC (a 9.4% decrease); and a range of other cryptocurrencies. Additionally, the exchange commits to maintaining a reserve ratio above 100%.
Statistics on user asset reserves on the OKX website as of August 25, 2023.
Cryptocurrencies are not banned in India but are not entirely legal either. The South Asian nation has not yet introduced any legislation pertaining to Web3 or crypto before Parliament but has imposed a hefty 30% tax on trading activities and issued some anti-money laundering rules, which have led to a steep decline in trading volumes.
Furthermore, the government continues to deliberate on incorporating Web3 into the country's digital asset landscape. Despite the central bank's opposition to legalizing cryptocurrencies, it continues to promote blockchain-based digital currencies (CBDCs).
The stringent legal environment has caused most global cryptocurrency exchanges to "steer clear" of India. According to data from AppTweak, among the top 10 most downloaded trading apps in the country, six apps are from international exchanges. One of these is Coinbase, though the U.S.-based exchange was swiftly compelled to halt operations just three days after its launch in May 2022.
