Major cryptocurrency exchange Bitget is collaborating with Indian regulators to obtain the necessary licenses to comply with local laws. This effort aims to enhance its operations and build credibility in the Indian market.
Bitget announced on July 3 that it is in active discussions with India’s Financial Intelligence Unit (FIU) to secure Virtual Asset Service Provider (VASP) registration. This registration is crucial for abiding by tax compliances and ensuring operational transparency. Simran Alphonso, Bitget’s head of global communications, 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.”
The FIU registration also aims to bolster consumer protection by aiding in dispute resolution, fraud compensation, and supporting civil authorities in tracking down scammers. Alphonso emphasized that this registration would address the challenges new users face in accessing Bitget apps on Google Play Store and App Store. 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.”
Currently, Bitget operates in the Indian market but faces hurdles in signing up new users due to the absence of VASP registration. Alphonso did not specify the exact cryptocurrency services offered to existing users but highlighted the benefits of achieving regulatory compliance.