Derivatives exchange Bitget launching in India
The exchange hopes to circumvent the latest crypto tax regulations by partnering with crypto taxation software Koinly
By Shashank Bhardwaj
Sandra Lou, CEO and co-founder of Bitget
Crypto derivatives exchange Bitget is all set to make its debut in the Indian market. Bitget's entry into India comes at a time when crypto investors and exchanges across the country are grappling with the regulations that impose a 30% tax on crypto income. Several of the country's top crypto exchanges have seen their trade volumes decline since the rule went into force.
Bitget, however, is positive that it's launch in the country will not be significantly affected by the tax regulations. In an effort to make crypto transactions easier, Bitget has teamed with Koinly, a renowned free crypto taxation software that can be used to calculate taxes in India and 19 other countries.
Sandra Lou, the CEO and co-founder of Bitget, said, "We've received an overwhelming demand for support from India. At Bitget we're constantly looking to grow and expand by creating a safe and transparent environment to drive mass adoption."
In India, Bitget aims to provide a secure and compliant platform for crypto futures, derivatives, and one-click copy trading.
Lou also added that crypto traders in India outnumbered the population of various countries, with more than 100 million people holding digital assets. "Our mission is to provide a secure platform to interact with digital assets and provide support to nations fostering its growth."
A leading global cryptocurrency exchange, Bitget serves millions of customers in over 50 countries. Since its launch in 2018, it has grown to become one of the largest crypto copy trading platforms. Bitget's two primary products, One-Click Copy Trade and Quanto Swap Contract address some of the biggest pain points in futures trading. With these products, Bitget has rapidly become the most popular derivatives exchange among retail investors and has established a firm foothold in the highly competitive sector.
Bitget's debut into the Indian market will be followed by a strategic recruitment drive and the establishment of a crypto community, all with the goal of contributing to the growth of crypto and blockchain.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash