Bitget, a major cryptocurrency exchange, is actively collaborating with regulators in India to obtain the necessary licensing to operate in compliance with local laws in the market.
On July 3, Bitget announced that it is in discussions with India’s Financial Intelligence Unit (FIU) to secure Virtual Asset Service Provider (VASP) registration. According to Bitget’s head of global communications, Simran Alphonso, obtaining this registration will facilitate tax compliance and operational transparency. It will also create a secure platform for hosting events, engaging with the community, and conducting educational initiatives, ultimately enhancing the reliability and credibility of the crypto exchange.
Alphonso also emphasized that the FIU registration will contribute to consumer protection by providing mechanisms for dispute resolution, compensation for fraud, and civil force support to track down scammers.
Currently, Bitget operates in the Indian market, but the absence of VASP registration has created challenges in signing up new users. Alphonso highlighted that new users face difficulties accessing Bitget apps on Google Play store and the App store, while existing users can utilize the app with all its features. However, she did not provide specific details about the cryptocurrency services currently offered to existing users.
This is an unfolding situation, and more information will be provided as it becomes available.