Bitget, a major cryptocurrency exchange headquartered in Singapore and established in 2018, is making significant strides to expand its operations in India. With millions of users globally and a daily trading volume often exceeding billions of dollars, Bitget is a prominent player in the cryptocurrency market.
Following the footsteps of other exchanges like KuCoin and Binance, Bitget is actively working with Indian regulators to secure the necessary licensing to operate within the country. On July 3, the firm announced that it has been in discussions with India’s Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration.
Securing this registration is crucial for Bitget as it will enable the exchange to comply with local tax laws and maintain operational transparency. Simran Alphonso, Bitget’s head of global communications, highlighted the benefits of VASP registration, noting that it provides a secure foundation for hosting meetups, engaging with the community, and running educational initiatives. This, in turn, enhances the credibility and reliability of the crypto exchange.
Alphonso also emphasized the role of FIU registration in consumer protection. It aids in dispute resolution, fraud compensation, and offers civil force support in tracking down scammers, thus ensuring a safer environment for users.
Currently, Bitget operates in the Indian market but faces challenges in signing up new users due to the absence of VASP registration. Alphonso mentioned that new users have difficulty accessing Bitget apps on the Google Play Store and App Store, while existing users can utilize all available features without issues.
In addition to its regulatory efforts, Bitget has also made headlines with high-profile partnerships. Similar to Binance’s partnership with Cristiano Ronaldo, Bitget has partnered with Lionel Messi, further boosting its global recognition and appeal.
As Bitget continues to pursue VASP registration, it remains dedicated to providing a secure and transparent platform for its users in India and beyond.