OKX’s marketing executive confirmed the firm is seeking to join the Indian market by employing local workers for Web3 project. According to its recent report, cryptocurrency exchange OKX intends to enter the Indian market and hire local workers to improve Web3 applications’ possibilities.
Haider Rafique, the chief marketing officer (CMO), revealed the firm’s intention to intensify its wallet services ‘exponentially’ by entering the Indian developer community. He also claimed that India currently has 200000 users of OKX wallet, which accounts for hardly 5% of the nation’s Web3 users.
OKX to Adapt to Indian Culture as it Eyes Web3 Project in India
According to Haider, the firm will learn more concerning the community and interact with locals to establish where value can be added. Current data from CoinMarketCap shows that OKX is the 6th biggest cryptocurrency exchange globally. Despite lacking an international headquarters, it runs operations via regional hubs in the Bahamas, Singapore, Hong Kong, and Dubai.
Haider claimed the form was not intending to introduce an office in India. Instead, it would rely on local workers to govern its efforts in the nation. Specifically, he stated they were attempting to recognize elite persons and their contributions. In addition, they were trying to establish how to help and have a relationship with the vast developer community. He also stated that embracing the community approach would specify the path to enter the local market.
OKX and Neo, a blockchain platform, recently collaborated for an APAC Hackathon in Bengaluru, a southern Indian city. According to Haider, this move was a test to justify assumptions, comprehend the culture, and reinforce the local Web3 ecosystem.
Despite the absence of set regulations by a central authority, trading cryptocurrencies is permissible in India. However, they are traded and utilized at the investor’s risk. Besides, they also lack any status as legal tender and cannot be utilized for banking reasons. At present, India imposes a crypto tax of 30%.
Court Criticizes the Absence of Crypto-specific Laws
On July 27, the nation’s Supreme Court rebuked the Union Government for lacking crypto laws. It compelled the government to disclose whether it has plans for forthcoming digital currency laws due to increased cryptocurrency-linked crimes.
According to Haider, regulators are starting to differentiate Web3 from centralized finance (CeFi). In this case, their primary focus is on avenues having fiat on-ramps and not offered in India.
Haider also stated that they intend to be the pacesetter after developing a crypto regulatory framework. Though OKX intends to employ on-the-ground staff in India, CoinDCX and CoinSwitch, both Indian cryptocurrency exchanges, have lately laid off staff amid the present market crash.
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