BitGo Could Soon Enter Indian Market
Digital assets platform BitGo is currently discussing with India’s crypto regulatory body to enter the country’s thriving market. During the India Blockchain Week, BitGo’s COO Chen Fang revealed that the company has been actively engaging with the Financial Intelligence Unit (FIU).
Despite a recent restriction on offshore crypto exchanges, India was named the top country for crypto adoption by Chainalysis in 2024. According to Statista’s data, India’s crypto market is projected to generate $6.6 billion in revenue by 2024.
Fang expressed interest in entering the Indian market, but acknowledged the need for full registration as per local laws. In December 2023, nine foreign exchanges were labeled as non-compliant with India’s Anti-Money Laundering laws, resulting in a ban on their websites and mobile apps by the FIU.
With its new global platform launching in November 2023, BitGo is eager to establish a presence in India’s growing crypto market through discussions with the FIU.
