OKX, one of the top 10 crypto exchanges by trading volume, plans to enter India and hire local employees to explore potential Web3 applications, OKX's marketing manager said in a statement.
OKX Plans Web3 Access to India
The company does not have a global headquarters, but has regional headquarters in Hong Kong, Singapore, Dubai and the Bahamas.
Haider Rafique, the exchange's marketing manager, said in an interview that he plans to expand wallet services by leveraging India's much-talked-about developer community.
He added that currently OKX has around 200,000 wallet users in India, which accounts for only 5% of Web3 users in the country.
Crypto is not banned in India and it is not exactly legal. The country has not introduced any legislation to parliament on Web3 or cryptocurrency issues, but has imposed strict taxes on the trade and enforced anti-money laundering rules.
Some plans are afoot to incorporate Web3 into India's digital story. The central bank continues to oppose the legalization of cryptocurrency while promoting digital currency (CBDC).
The challenging regulatory environment has kept most global cryptocurrency exchanges away from India. According to data from AppTweak, six of the 10 most downloaded trading applications in the country are from international exchanges.
One of these is Coinbase (COIN), whose trading was suspended within three days of its launch.
*This is not investment advice.
