(MENAFN- CoinXposure)
OKX, one of the ten largest crypto exchanges by trading volume, plans to enter India and recruit local employees to investigate potential Web3 applications, according to the company's chief marketing officer.
Without a global headquarters, the corporation has regional hubs in Hong Kong, Singapore, Dubai, and the Bahamas.
It intends to expand its wallet services“exponentially” by tapping into India's much-discussed developer community, according to an interview with Haider Rafique.
Currently, OKX has approximately 200,000 wallet users in India, which represents less than 5% of the country's Web3 users, he added.
He stated,“We are not going to rush in and cowboy this up.“We will learn about the neighborhood. We will collaborate with locals. Determine where we can be of service.”
Cryptocurrency is neither prohibited nor strictly lawful in India. The nation has not introduced any legislation in parliament about Web3 or cryptocurrencies, but it has imposed steep taxes on trading and enacted anti-money laundering regulations.
Plans are afoot to incorporate Web3 into India's digital history. The central bank continues to oppose the legalization of cryptocurrencies while promoting its digital currency .
And as G20 president, the nation has advocated for global crypto regulations.
The restrictive regulatory environment has prevented the majority of global cryptocurrency exchanges from entering India.
AppTweak data indicates that six of the ten most downloaded trading applications in the country are from international exchanges. Three days after its debut, Coinbase (COIN) suspended its trading operations.
Politicians in India have requested that the Web3 industry decouple itself from cryptography.
“You must sort of isolate Web3 from CeFi [centralized finance], and I believe regulators are beginning to do the same,” Rafique stated.
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“They are more concerned about locations with fiat on-ramps, which we offer but not in India. Once India develops a regulatory framework for cryptocurrencies, we hope to be in the lead.”
Rafique stated that OKX does not have a local office and has no imminent plans to establish one because it is not required to provide Web3 services. However, it is seeking to hire a team to manage this initiative.
“We're attempting to determine who's who in the menagerie and what each animal contributes. There is a large community of developers. How can we assist them? Let's establish a rapport with them,” he said.
“How do we first inform them of our purpose? Then, collaborate with these communities to determine the best entry point. Is it our responsibility to sponsor Web3 conferences , developer conferences, or OKX Blockchain Week? This is what we're investigating.”
Recently, OKX partnered with blockchain platform Neo for its APAC Hackathon in the southern city of Bengaluru. According to Haider, this event is a test to validate their hypotheses, comprehend the culture, and support the ecosystem.