Bitget, a major cryptocurrency exchange, is working with Indian regulators to secure Virtual Asset Service Provider (VASP) registration. On July 3, the company announced its discussions with India’s Financial Intelligence Unit (FIU) to operate legally in the country.
India’s rapid crypto adoption in 2023 makes it a key market for Bitget. Although Bitget operates in India, the lack of VASP registration hinders attracting new users. According to Simran Alphonso, Bitget’s head of global communications, India is a high-priority market, and they are navigating regulations to ensure compliance.
This move follows Binance’s recent re-entry into India after a four-month ban by the FIU, which aimed to address significant tax leakage. VASP registration will require Bitget to comply with local rules, including a 1% tax deduction at source. Cryptocurrency regulation in India remains contentious, with divided opinions on its future.
Successfully obtaining VASP registration will allow Bitget to capitalize on India’s burgeoning crypto market while ensuring regulatory compliance.
