Bitget has confirmed that it is working with India's Financial Intelligence Unit (FIU) to become a registered crypto company in the country. In a press release issued on Wednesday, Bitget called India a “key market” and said the country's crypto market has shown significant growth in recent times. Founded in 2018, Bitget is registered in Seychelles and the company is seeking a license to operate and legal crypto entity. In recent months, other international crypto exchanges such as Delta and Binance have also said they are working to comply with FIU regulations.
Bitget is working to operate as a legal crypto entity in India
The crypto company has announced that it is “actively checking with regulatory authorities (FIU-IND) to comply with existing regulations in India, allowing it to operate as a legal crypto entity in the country.
As part of the FIU registration process, crypto companies must agree to implement a strict KYC system, maintain transaction logs, report suspicious transactions to the financial watchdog, and promote a systematic business ecosystem, which is reliable for the users participate in the risk financially in another way. and the volatile digital assets sector.
Emphasis has also been placed on crypto companies agreeing to abide by India's anti-money laundering and counter-terrorist financing laws. Companies that register with the FIU will have to conduct regular audits, prioritize customer service and maintain legal compliance in order to continue operating.
The FIU has released its list of requirements for crypto companies in phased phases, starting around the first half of 2023. After the body had prepared a comprehensive compliance book, India ordered all companies cryptographic companies that were registered at the FIU around December 2023.
Bitget says it offers users access to verifiable reserve proof data along with comprehensive fund storage information.
The exchange claims that it already maintains the KYC system for new users. It also says it has been active in organizing crypto awareness initiatives in various global locations to help investors make informed decisions.
“India is a high-priority market,” Simran Alphonso, head of global communications at Bitget, said in a prepared statement.
Bitget's focus on India
Bitget has been competing in the global cryptocurrency exchange space since 2018 and has established operations in Hong Kong, the United Arab Emirates and other regions of Europe and parts of the US.
In May this year, Bitget teamed up with Web3 payment solutions platform Alchemy Pay to process cryptocurrency purchases through India's INR currency.
Last year, the exchange announced that it would strategically infuse $10 million into up-and-coming crypto startups.
After India restricted the operations of several foreign crypto companies, including Binance, Kraken, and KuCoin, among others, in December 2023, Bitget began preparations to comply with Indian laws.
The company says it has already obtained virtual asset service provider (VASP) licenses in Lithuania and Poland.
