Cryptocurrency This Week: India welcomes UAE’s digital asset exchange Bitex
India has noted an uptick in crypto users over the past year. This surge in the crypto users can mainly be attributed to the Supreme Court’s decision to quash the Central Bank’s circular that called for a banking ban for crypto transactions in 2018. This judgment has temporarily also impacted user-perspective regarding crypto in the country as more and more people are now joining the crypto bandwagon.
According to a prominent crypto exchange in the country, WazirX noted Bitcoin worth $184 million being traded on its platform and 20% of the total trading volume was associated with Bitcoin since March. Data from CoinGecko suggested that the trading volumes on Indian exchanges had surpassed $100 million, which was s strong sign of increased adoption of cryptos.
In order to leverage this growing interest in the developing country, Bitex a popular digital currency exchange in the United Arab Emirates [UAE] has decided to enter India, as per the press release shared by AMBCrypto. The exchange launched in 2018 has its headquarters in Mumbai and had kept away from the country due to the prevailing bank by the Reserve Bank of India [RBI]. However, as per the CEO, Monark Modi, the SC ruling has been pivotal in reinvigorating the latent demand for the digital asset in India. He added:
“The Indian crypto trading community has been showing a growing interest in cryptocurrencies ever since traditional investment options have seen marked fluctuations in returns. As the UAE’s most secure and popular digital asset exchange, Bitex will enhance both safety in transactions and innovation in the Indian cryptocurrency marketplace.”
The entry of this exchange has been at a time when India’s cryptocurrency market is estimated to be at $12.9 billion. With the right set of regulations and compliance from businesses, the country may see a boom in adoption and usage.
Meanwhile, the UAE has also been the face of a crypto-friendly nation. Just last month, the country’s Securities and Commodities Authority [SCA] published a draft of its regulation for issuing and offering crypto assets [ICARs]. This was a giant step towards embracing crypto, while many nations are still analyzing crypto’s full-scope, including India.