The Push into India
As per a recent CoinDesk report, the renowned cryptocurrency exchange OKX is gearing up to penetrate the Indian market. Their strategy? Hiring locally and delving deep into India’s unique cultural landscape.
OKX’s chief marketing officer, Haider Rafique, explained the decision. Although 200,000 Indian users are currently affiliated with OKX Wallet, this number represents a mere 5% of India’s total Web3 users. By engaging with India’s thriving developer community, OKX aims to amplify its wallet services.
“Engaging with the community and collaborating with the local talent will pave the way for us to add value,” Rafique noted.
Global Presence and Local Strategy
Ranked sixth globally by trading volume as reported by CoinMarketCap, OKX operates through regional hubs located in various world cities. While there’s no plan to establish a permanent office in India, local employees will play a pivotal role in orchestrating OKX’s Indian journey.
Engaging with the Community
Highlighting the importance of understanding the local landscape, Rafique said, “The key is in community interaction.” OKX’s recent collaboration with the blockchain platform Neo for an APAC Hackathon in Bengaluru epitomizes this sentiment. This initiative was a litmus test for OKX to gauge cultural dynamics and bolster the local Web3 ecosystem.
A Delicate Regulatory Landscape
India treads cautiously in the crypto domain. Even though trading in cryptocurrencies remains legal, the lack of a concrete regulatory framework implies inherent risks for investors. While there’s no official ban, cryptocurrencies are yet to be recognized as legal tender, making their use in banking realms impossible.
India’s apex court, in a landmark move on July 27, urged the Union government to clarify its stance on cryptocurrency regulations, citing concerns over potential criminal activities involving digital currencies.
Rafique remained optimistic, believing Indian regulators would soon differentiate between Web3 and centralized finance. He stated, “Once India rolls out a clear crypto regulatory structure, our goal is to lead the way.”
The Current Scenario
While OKX gears up to boost its presence in India, homegrown crypto exchanges like CoinSwitch and CoinDCX face challenges, having recently made cutbacks due to the prevailing market downturn.