Cryptocurrency exchange Bitget is engaging with Indian regulators to secure the necessary licenses to operate within the country’s regulatory framework.
Bitget has been actively negotiating with India’s Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration, as announced on July 3. This registration will enable Bitget to comply with tax regulations and maintain transparency in its operations.
Simran Alphonso, Bitget’s head of global communications, emphasized the benefits of this registration: “It provides a secure foundation for hosting meetups, engaging with the community, and conducting educational initiatives. Overall, it enhances the reliability and credibility of a crypto exchange.”
The VASP registration also aids in consumer protection by facilitating dispute resolution and compensation for fraud, as well as supporting law enforcement in tracking down scammers.
Currently, Bitget is operating in the Indian market but faces challenges in signing up new users due to regulatory constraints. Alphonso explained, “New users encounter difficulties accessing the Bitget app on Google Play and the App Store, although existing users can utilize the app with all its features.”
Bitget did not specify the exact cryptocurrency services it offers to its current users. The ongoing efforts to obtain VASP registration aim to resolve these issues and ensure smooth operations in India.
Summary Review: Bitget’s efforts to obtain VASP registration in India signify a crucial step towards enhancing its operational transparency and regulatory compliance. This move is expected to address existing challenges in user sign-ups and improve consumer protection, thereby bolstering the exchange’s credibility and reliability in the Indian market. As Bitget continues to engage with the Financial Intelligence Unit, it aims to secure a stable foundation for its services, ensuring a secure and accessible platform for both new and existing users.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
