- Kraken said the lifted ban by the Supreme Court is a victory for all crypto traders and investors.
- With the lifted ban, the exchange plans to make it easier for crypto traders to buy and sell with their local currency.
- Other crypto exchanges are also expanding their operations, with Binance one of the leading exchanges in the Indian market.
As India is about the lift the ban on crypto businesses in the country, crypto exchange Kraken is planning to expand its operations to gain the Indian market. The company announced its expansion plans yesterday in a blog post on its official site.
Kraken, which has its main operational base in the U.S., pointed out that its operations in the second most populous country in the world has been hindered by the ban from the Reserve Bank of India (RBI). But as the ban has been lifted, it will resume normal operations as the country has enormous potential for crypto-related businesses.
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Although the Reserve bank of India is still appealing that the Indian’s Supreme Court should recall its decision, there is optimism that the lifted ban will not be reversed. The court recently ruled that the evidence provided by the Reserve Bank against crypto trading in India is not sufficient enough to warrant a reversal.
The lifted ban is a victory for the crypto community
Leader of Global Business Development at Kraken, Sunny Ray, said that the decision of the Supreme Court of India has paved the way for the company to take advantage of the huge market in the country. He said the pronouncement of the court is a victory for all proponents of cryptocurrency and others who want to enter the market in India.
“We fought for 1.5 billion people to have the right to access crypto,” he said.
According to him, with the ban lifted, the large population of the country would now be able to access cryptocurrency and trade without any issues.
Indian Market very attractive for crypto business
Kraken exchange pointed out that India is a huge untapped market for cryptocurrency. The future of cryptocurrency and its trading is very bright in the region. It said it’s going to provide updates regarding its plans and operational methods for the cryptocurrency community in the country.
Kraken said it’s committed to making India one of the largest markets for crypto trading in the world. With the advantage of the population, the country has the potential to grow to any extent in the crypto market, the exchange reiterated. Kraken has not offered more details of its operations and when the exchange plans to launch in India.
More exchanges trooping in
Apart from Kraken, more agencies are currently having plans to expand their operations and offer services in India. In November last year, Binance stepped into the Indian market with its crypto exchange service. The company bought local crypto exchange WazirX, which allowed crypto traders to buy and sell crypto using Indian rupees.