Cryptocurrency exchange OKX is set to penetrate the Indian market and engage local talents as part of its strategy to advance the realm of Web3 applications, as reported by CoinDesk.
OKX’s Chief Marketing Officer, Haider Rafique, revealed that the company’s intention is to significantly expand its wallet services by tapping into India’s developer community.
Despite having 200,000 OKX Wallet users in India, this number accounts for only 5% of the country’s total Web3 user base.
Rafique expressed the company’s commitment to collaborating with the local community and identifying avenues to provide value.
Presently ranked as the sixth-largest cryptocurrency exchange worldwide in terms of trading volume, OKX operates from regional hubs in Dubai, Singapore, Hong Kong, and the Bahamas, rather than having a central global headquarters.
While OKX does not plan to establish a physical office in India, it intends to rely on local experts to lead its endeavors within the nation.
Rafique outlined a strategy to understand and engage with the developer community in India, thus determining the optimal approach for entering the local market.
In a notable move, OKX recently joined forces with blockchain platform Neo for an APAC Hackathon held in Bengaluru, India.
This partnership aimed to validate assumptions, comprehend the local culture, and provide support to the indigenous Web3 ecosystem.
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Although cryptocurrency trading is legal in India, no comprehensive regulations have been put in place by a central authority.
The sector operates with associated risks for investors, as cryptocurrencies lack legal tender status and cannot be utilized for banking purposes.
A 30% tax is currently imposed on crypto transactions within the country.
India’s Supreme Court, on July 27, criticized the Union government for the absence of crypto regulations and urged it to outline plans for regulating digital currencies due to a surge in criminal activities related to cryptocurrencies.
Rafique noted a shift in regulatory focus, highlighting that Indian authorities are distinguishing between Web3 and centralized finance (CeFi).
He clarified that their concerns lie more with platforms that provide fiat on-ramps, a service not offered by OKX in India at present.
Looking forward, Rafique expressed readiness to lead the way once India establishes a regulatory framework for cryptocurrencies.
In the backdrop of this, while OKX plans to recruit local staff to aid its Indian expansion, other Indian cryptocurrency exchanges like CoinSwitch and CoinDCX have faced staffing reductions due to the ongoing market downturn.
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