OKX, one of the top crypto exchanges in the world, is looking at India as a promising destination for its wallet services and Web3 applications.
OKX’s chief marketing officer, Haider Rafique, shared with CoinDesk on Wednesday that OKX wants to join hands with the local developer community and find out what they need and want.
OKX has no global headquarters, but works from regional hubs in Hong Kong, Singapore, Dubai and the Bahamas.
It already has about 200,000 wallet users in India, but that’s just a tiny part of the country’s Web3 user base.
Rafique said that OKX is not here to tell the Indian market what to do, but rather to learn from and work with the people who matter.
He said that OKX does not plan to open an office in India but will trust local employees to lead its projects in the country.
Recently, OKX teamed up with the blockchain platform Neo for an APAC Hackathon in Bengaluru, a major tech hub in southern India. Rafique said that this was a way to check their assumptions, understand the culture, and support the local Web3 ecosystem.
India has a huge and growing crypto market, but it also faces some regulatory uncertainty and challenges. Crypto trading is legal in India, but there are no clear rules or guidelines from the central authority.
Crypto users have to take the risk of their investments, and pay a 30% tax on their profits. Crypto currencies are not recognized as legal tender, nor can they be used for banking purposes.
The Supreme Court of India recently urged the government to come up with a regulatory framework for crypto currencies, citing the rise of criminal activities involving them.
