Bithumb Plans Setting Up Regulated Cryptocurrency Exchange in India
Bithumb Global, international platform of South Korean exchange Bithumb, is planning to setup a regulated cryptocurrency exchange in India.
The crypto focused firm intends to spread its operations to India by collaborating with domestic crypto exchange, financing new blockchain firms and working on unique business endeavors.
According to Javier Sim, co-founder and managing director at Bithumb Global, Bithumb Global has no qualms in engaging with Indian regulators to develop a new regulated exchange. Sim reportedly said:
“We are open to talking to regulators, working with them to be a regulated exchange. We are a strong brand from Korea and do not involve ourselves in unregulated or illegal trade.”
Bithumb Korea, one of the earliest South Korean cryptocurrency exchanges, was established in 2014. The beta launch of its subsidiary Bithumb Global happened in May 2019. Bithumb disclosed its plan to setup “next generation” cryptocurrency exchange on Tuesday, while asserting that the exchange processes 59% of the total Bitcoin (BTC) transaction volumes in South Korea.
Since the beta phase of the platform went live, the company has enrolled more than a million clients worldwide, while its daily trading volume surpassed $381 million.
In the meantime, India is still go through a methodical review of blanket ban on cryptos. Earlier this month, there were reports of India experiencing brain drains as the government looks at the option of criminalizing crypto investments in the nation.
Sidharth Sogani, CEO of Crebaco Global, a crypto and blockchain research firm, calculated that India is at the behest of losing $13 billion worth market if cryptos are permanently banned.