Crypto exchange OKX plans to enter India, hire local staff: CoinDesk

Quick Take

  • OKX’s chief marketing officer said it’s exploring possibilities to expand into India — despite regulatory uncertainties.

Cryptocurrency exchange OKX is planning to enter India and hire local staff despite regulatory uncertainties, CoinDesk reported today.

Haider Rafique, chief marketing officer of OKX, told the publication that it intends to expand its wallet services by tapping into the country’s developer community, adding that OKX currently has about 200,000 wallet users there. That’s about 5% of India’s web3 users, according to the report.

Rafique said that regulators are more concerned about venues that have fiat on-ramps, “which we do but we don't offer it in India,” adding that once India launches a crypto regulatory framework then “we would like to be the front runners.”

OKX did not immediately respond to The Block’s request for comment.

Regulatory uncertainties

While OKX seems optimistic about the outlook in India, regulatory uncertainty remains in the country. Authorities in the country imposed stiff taxes on crypto gains last year but has not explicitly declared cryptocurrency legal.

Earlier this year, India, as head of the G20 group of nations, released an input note proposing a path for the development of globally coordinated rules for crypto assets.

In July, the Indian Supreme Court reportedly directed the Union government to record whether or not it intends to establish a federal agency to investigate crypto-related criminal cases, according to Hindustan Times. 

While India’s stance on crypto remains unclear, the Reserve Bank of India continues to study and develop its central bank digital currency — the so-called digital rupee.

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