OKX prepares to expand its presence in India
OKX prepares to expand its presence in India
Cryptocurrency exchange OKX is targeting the Indian market with plans to hire employees to explore potential Web3 apps.
The exchange intends to significantly increase its client base of cryptocurrency wallet users by tapping into India's developer community. Currently, the number of OKX wallet users in India is around 200,000, which is just 5% of the total Web3 users in the country, Haider Rafique, OKX's chief marketing officer, told CoinDesk.
"We're going to learn about the community. We're going to work with local folks. Figure out where we can add value," Haider Rafique said.
It is worth noting that while cryptocurrency is not legalized in India, it is not banned either. At the same time, the country has strict taxes on trading digital assets and anti-money laundering rules. In addition, although the central bank is opposed to the legalization of cryptocurrency, it is preparing to issue its own digital currency (CBDC), indicating positive developments in the regulation of the virtual asset market. However, as the leader of this year's G20, India is pushing for global regulation of cryptocurrencies.
Haider Rafique noted that the exchange does not have an office in India and has no intention of opening one as it is not required to provide Web3 services, but OKX is busy looking for a team to lead the effort.
OKX had earlier partnered with blockchain platform Neo to host a forum in the Asia-Pacific region, which will allow the exchange to understand the needs and culture of the local people as well as the level of support for the ecosystem.
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