The crypto exchange OKX is gearing up to penetrate the Indian market and hire local workforce to broaden the horizons of Web3 applications, as per a report by CoinDesk.
Haider Rafique, OKX’s Chief Marketing Officer, revealed the firm’s intention to significantly amplify its wallet services by tapping into the developer community of India. He noted that there are presently 200,000 users of OKX Wallet in India, a figure that represents a mere 5% of the country’s Web3 users. CoinMarketCap’s latest data indicates that OKX ranks as the world’s sixth largest crypto exchange by volume. The company operates not from a global headquarters, but from regional centers located in Singapore, Dubai, Hong Kong, and the Bahamas.
Rafique clarified that there are no plans to establish an office in India; rather, local employees will be entrusted with spearheading the company’s initiatives in the nation. He opined that adopting a community-centric approach could illuminate the optimal pathway to infiltrate the local market. In a recent development, OKX collaborated with blockchain platform Neo to organize an APAC Hackathon in Bengaluru, a city in southern India. Rafique labeled this initiative as an experiment to verify hypotheses, comprehend the local culture, and bolster the indigenous Web3 infrastructure. Although trading of cryptocurrencies is permitted in India, there are no definitive regulations imposed by any central authority, rendering trading and usage a risky venture for investors. Cryptocurrencies are neither prohibited nor recognized as legal tender in India, and cannot be utilized for banking transactions. Currently, a 30% tax is levied on cryptocurrencies in India.
On July 27, the Supreme Court of India chastised the federal government for the absence of cryptocurrency regulations and urged it to disclose any forthcoming plans to regulate digital currencies, amidst a surge in criminal activities linked to cryptocurrencies.
Rafique expressed his belief that the regulators in India are gradually distinguishing Web3 from centralized finance (CeFi). He commented, “They are predominantly anxious about platforms that facilitate fiat transactions, which we do, but we refrain from offering this service in India.” Despite OKX’s intention to recruit local personnel in India, the Indian crypto exchanges CoinSwitch and CoinDCX have recently been compelled to downsize their workforce due to the prevailing market downturn.