Crypto Developments In Asia: Bitget, Venom Look For Entry In India, Taurus Partners With Zand For UAE, South Korea Intensifies Crypto Scrutiny
This week’s crypto round-up highlights the dynamic and rapidly evolving nature of the cryptocurrency industry in Asia.
Bitget In Active Discussions For India License
Popular crypto exchange Bitget actively pursues regulatory compliance in India by seeking Virtual Asset Service Provider (VASP) registration from the Financial Intelligence Unit (FIU).
The company is actively trying to align with India’s local laws, enhance operational transparency, and ensure tax compliance.
Hinting at the development, Bitget said on X, “Our Indian users are extremely valuable and important to us. We’re committed to maintaining Bitget as one of the safest platforms for you to trade crypto, as we’re working on providing a compliant platform for all our users in India.”
1/ We are aware of the current difficulty in accessing the Bitget platform in India. We’re actively exploring ways to serve the region while ensuring our platform meets the region's compliance requirements.
— Bitget India🇮🇳 (@BitgetIndia) July 3, 2024
Currently, Bitget operates in India with certain limitations, facing challenges in onboarding new users due to the absence of VASP registration.
Read more: India’s CoinDCX Acquires Leading Dubai-Based Crypto Exchange For Access To MENA Region
Venom Expands Into India With Dual Listings On WazirX And CoinDCX
Venom has successfully listed $VENOM on two of India’s leading cryptocurrency exchanges, WazirX and CoinDCX.
This move grants Venom access to a vast user base in India, further driving the adoption and visibility of $VENOM.
WazirX is India’s largest cryptocurrency exchange with over 16 million users. Meanwhile, CoinDCX’s user base exceeds 14 million. Now both offer $VENOM for trading in USDT and INR pairs. This combined user reach of over 30 million provides extensive exposure for $VENOM in the Indian market, marking a critical milestone in Venom’s expansion strategy.
Taurus Enhances Zand Bank’s Crypto Services in UAE
Swiss cryptocurrency infrastructure platform Taurus has partnered with Zand Bank, a leading digital bank in the UAE, to enhance its custody, tokenization, and blockchain services.
This collaboration aims to bolster Zand’s digital asset capabilities and align with the UAE’s evolving regulatory landscape.
Taurus will provide Zand with infrastructure solutions to issue tokenized financial and real-world assets across both permissioned and permissionless blockchains. Its custody solution will encompass cryptocurrencies, digital currencies, and non-fungible tokens (NFTs), offering Zand a versatile platform to expand its digital asset services.
Read more: $500 Million Worth Dubai Real Estate To Be Tokenized, MAG Group And Mantra Chain Join Forces
South Korea Increases Pressure On Crypto Exchanges
South Korean regulators are intensifying their scrutiny of local cryptocurrency exchanges to eliminate dubious transactions and enhance investor protection. This move comes as the country prepares to enforce new digital-asset legislation on 19 July 2024.
The Financial Supervisory Service (FSS) announced plans to establish a mechanism to oversee unusual cryptocurrency trading behaviors.
Exchanges are urged to input data and details into this system to guarantee adherence to the new law. This increased regulatory pressure aims to safeguard investors and ensure the integrity of the crypto market.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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