Cryptocurrency exchange OKX is planning to enter the Indian market and conduct local research for Web3 projects. The company’s Chief Marketing Officer, Haider Rafique, indicated their focus on expanding wallet services by leveraging India’s impressive developer community. Currently, OKX has about 200,000 wallet users in India, which constitutes only 5% of Web3 users in the country.
Regional Centers and Strategy for India
While OKX doesn’t have a global headquarters, they have regional centers in Hong Kong, Singapore, Dubai, and the Bahamas. OKX’s CMO, Rafique, mentioned that the company doesn’t plan to open a specific office in India. Instead, they will carry out their operations in the region with local employees. Even though the legal status of cryptocurrency in India isn’t fully established yet, the country is making plans to incorporate Web3 technologies into its digital future.
“We’re going to learn about the community. We’re going to work with local folks — figure out where we can add value.”Haider Rafique, Source: Cointelegraph
The country hasn’t presented any laws to the parliament regarding Web3 or cryptocurrency issues. However, it has imposed heavy taxes on the trade and implemented anti-money laundering rules.