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Bitget Working With FIU IND to Obtain Licensing to Operate in ‘Key Market’ India

Bitget Working With FIU-IND to Obtain Licensing to Operate in ‘Key Market’ India

Bitget says that it provides users with access to verifiable Proof of Reserves data along with comprehensive fund storage information.

Written by Radhika Parashar, Edited by David Delima | Updated: 3 July 2024 18:21 IST

Bitget Working With FIU-IND to Obtain Licensing to Operate in ‘Key Market’ India

Photo Credit: Pixabay/ WorldSpectrum

FIU registration increases legitimacy of crypto businesses and helps them engage with banks

Highlights

FIU had been working on drafting compliance guidelines since 2023
India mandated crypto firms to register with the FIU in December 2023
Delta, Binance among other foreign exchanges complying with the FIU

Bitget has confirmed that it is working with India's Financial Intelligence Unit (FIU) to become a registered crypto firm in the country. In a press release issued on Wednesday, Bitget called India a ‘key market' and said that the country's crypto market has shown significant growth in recent times. Founded in 2018, Bitget is registered in Seychelles, and the firm is looking to obtain licensing to operate and a legal crypto entity. In recent months, other international crypto exchanges like Delta and Binance have also said that they are working towards complying with the FIU's regulations.

Bitget working on operating as legal crypto entity in India

The crypto firm has announced that it is "actively engaging with the regulatory authorities (FIU-IND) so that it is in compliance with the existing regulations in India, allowing it to operate as a legal crypto entity in the country.

As part of the FIU's registration process, crypto firms must agree to implement a strict KYC system, maintain transaction records, report suspicious transactions to the financial watchdog, and promote a systematic business ecosystem, that is trustworthy for users to engage in the otherwise financially risky and volatile digital assets sector.

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Emphasis has also been put on crypto firms agree to comply with India's laws around anti-money laundering and countering terror financing. Companies registering with the FIU will further have to conduct regular audits, prioritise customer care, and maintain legal compliances to continue operations.

The FIU has released its list of requirements from the crypto firms in gradual phases, that started around the first half of 2023. After the body had prepared a comprehensive compliance book, India directed all crypto companies to register with the FIU around December 2023.

Bitget says that it provides users with access to verifiable Proof of Reserves data along with comprehensive fund storage information.

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The exchange claims that it already maintains KYC system for new users. It also says that it has been active in organising crypto awareness initiatives in multiple global locations to help investors make informed decisions.

"India is a high-priority market,” said Simran Alphonso, Head of Global Communications at Bitget, in a prepared statement.

Bitget's focus on India

Bitget has been competing in the global crypto exchange space since 2018 and has established operations in Hong Kong, the UAE, and other regions around Europe and parts of the US.

In May this year, Bitget teamed up with Web3 payments solutions platform Alchemy Pay to process crypto purchases through India's INR currency.

Last year, the exchange announced that it would strategically infuse $10 million into promising crypto startups.

After India restricted the operations of multiple foreign crypto firms including Binance, Kraken, and KuCoin among others, in December 2023, Bitget began preparations to comply with Indian laws.

The company claims it has already obtained Virtual Asset Service Provider (VASP) licences in Lithuania and Poland.

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Further reading: Cryptocurrency, Bitget, FIU, India, Crypto Exchange

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More