Major cryptocurrency exchange Bitget is working with regulators in India to receive licensing required for serving the market in compliance with local laws.
Bitget has been in active discussions with India’s Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration, the firm announced on July 3.
The registration will unlock a clear route to abide by tax compliances and maintain operational transparency, Bitget’s head of global communications, Simran Alphonso, told Cointelegraph.
“It also provides a safe ground to host meetups, interact with the community and run educational drives. Overall it makes a crypto exchange more reliable and credible,” Alphonso noted.
The FIU registration also helps with consumer protection, such as dispute resolution, compensation for fraud, in addition to providing civil force support in tracking down scammers, she added.
According to Alphonso, the Bitget crypto exchange currently operates in the Indian market but faces issues with signing up new users due to limitations associated with the absence of VASP registration. She stated:
“There’s difficulty for new users to access Bitget apps on Google Play store and App store while existing users can use the app with all its available features.”
Alphonso did not elaborate on the exact cryptocurrency services that are currently being offered by Bitget to its existing users.
This is a developing story, and further information will be added as it becomes available.
