Bitget, a prominent cryptocurrency exchange, is collaborating with Indian regulators to secure the necessary licenses for operating within the market while adhering to local regulations.
In an announcement made on July 3, Bitget disclosed that it has engaged in active dialogues with India’s Financial Intelligence Unit (FIU) to acquire Virtual Asset Service Provider (VASP) registration.
Simran Alphonso, Bitget’s head of global communications, emphasized that this registration process will create a pathway for the exchange to comply with tax regulations and uphold transparent operational practices. She highlighted that this step will also facilitate the hosting of gatherings, community interactions, and educational initiatives, rendering the crypto exchange more trustworthy and reputable.
Furthermore, Alphonso underscored that the FIU registration will bolster consumer protection measures, including mechanisms for dispute resolution, combating fraud, and receiving assistance from legal authorities in pursuing individuals engaged in fraudulent activities.
Despite Bitget’s current operations in the Indian market, Alphonso pointed out that the exchange encounters challenges in onboarding new users due to restrictions related to the lack of VASP registration. She mentioned, “New users face difficulties accessing Bitget apps on platforms like Google Play and the App Store, while existing users can enjoy the full spectrum of app features.”
Alphonso refrained from disclosing specific details about the cryptocurrency services presently available to Bitget’s existing user base.
This narrative is unfolding, and additional updates will follow as more information becomes accessible.