July 14, 2024
Latest Cryptocurrency News

Bitget Pursues Regulatory Compliance in India

Bitget, a cryptocurrency exchange, is collaborating with India to get the needed licenses to work legally in the market. On July 3, Bitget said it’s talking actively with India’s Financial Intelligence Unit (FIU) to get Virtual Asset Service Provider (VASP) registration. This registration is super important for Bitget to follow tax rules and keep everything transparent.

Simran Alphonso, Bitget’s global communications chief, stressed that getting the VASP registration would boost the exchange’s trustworthiness and dependability. It will let Bitget hold meetups, connect with folks, and run educational stuff. Also, this registration gives a hand in safeguarding consumers by providing ways to fix problems and cover fraud cases, as well as help in catching scammers.

Problems and Bright Side

At the moment, Bitget is doing business in India but struggles to sign up new users because it lacks VASP registration. This lack stops new users from using Bitget apps on Google Play Store and Apple App Store. But old users can still enjoy all app features. Despite these challenges, Bitget feels hopeful about its chances in India, which is crucial for the company.

Following the Lead

Bitget’s move to boost compliance in India comes after other big global exchanges like Binance and KuCoin got approval for VASP applications from FIU in May 2024. These okayed processes gave these companies legal status back in India after they got warning notices for not following rules in late 2023. Because of these problems, some exchanges, including Bitget, got blocked on Apple’s App Store in India.

KuCoin started back up in May 2024 after paying a fine, while Binance dealt with a hefty penalty for serving Indian customers without following local Anti-Money Laundering laws. Just like these other exchanges, Bitget is now chatting with regulators to finish up registration and bring full services back online in India.

Image by rawpixel.com on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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