OKX plans to enter India, hire local employees for Web3 exploration
reportThe cryptocurrency exchange OKX plans to enter the Indian market and recruit local employees in an effort to expand its possibilities of Web3 applications, according to a CoinDesk report.
OKX’s CMO, Haider Rafique, said it plans to scale up its wallet services “exponentially” via entrance into India’s developer community. He continued, saying there are currently 200,000 OKX user wallets in India, which equates to barely 5% of India’s Web3 users.
OKX is the 6th largest cryptocurrency exchange worldwide in terms of volume, according to current data from CoinMarketCap. It also does not have a global headquarters, rather works out of regional hubs in Singapore, Dubai, Hong Kong and the Bahamas.
Rafique said the company isn’t planning to open an office in India but will depend on local employees to lead its efforts in the country.
He commented that by taking the community approach, it could highlight the right way to enter the local market.
Recently, OKX partnered with the blockchain platform Neo for an APAC Hackathon in the southern Indian city of Bengaluru. Haider called this move a test to validate assumptions, understand the culture and support the local Web3 ecosystem.
Related: Basis trading, simplified, and how exchanges adapt to institutional needs — Q&A with OKX
Trading cryptocurrencies is legal in India, though there are currently no set regulations in place by a central authority and are traded and used at the risk of the investor. While they are not banned they also do not have any status as legal tender nor can they be used for banking purposes. The country currently imposes a 30% tax on crypto.
On July 27, India’s Supreme Court reprimanded the Union government for the lack of crypto regulations. It
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