According to a statement made by the Chief Marketing Officer of OKX, the crypto exchange is eyeing the Indian market and is looking to hire local talent to explore the potential of Web3 applications. OKX, which is among the top 10 crypto exchanges in terms of trading volume, is seeking to tap into India’s burgeoning market and expand its operations in the country.
OKX, a crypto exchange that operates without a global headquarters and has regional hubs in Dubai, Hong Kong, Singapore, and the Bahamas, is looking to leverage India’s significant and growing developer community to expand its wallet services. In an interview, the company’s Chief Marketing Officer, Haider Rafique, revealed that OKX intends to scale up its wallet services significantly to meet the growing demand for secure and efficient wallet solutions in the country. Currently, OKX has approximately 200,000 wallet users in India, which is only a fraction of the total number of Web3 users in the country.
“We don’t plan on being disruptive,” Rafique stated. “We’re not going to rush in and mess things up. Instead, we want to take the time to understand the community and work with local experts to identify areas where we can provide genuine value.” Rafique emphasized OKX’s commitment to responsible business practices and building strong relationships with its partners in India. The goal is to develop a long-term presence in the country and contribute to its development as a leader in the Web3 space.
India has not yet established clear legal guidelines for cryptocurrencies, which are not banned, but are also not entirely legal. The government has implemented strict tax policies and anti-money laundering regulations for trading in the sector. Some initiatives are underway to incorporate Web3 into India’s digital strategy. However, the country’s central bank is still opposed to the legalization of cryptocurrencies, instead focusing on the development and promotion of a central bank digital currency (CBDC). Additionally, as the current G20 president, India is advocating for global regulation and cooperation regarding Web3 and cryptocurrency.
OKX recently collaborated with blockchain platform Neo for its APAC Hackathon in Bengaluru, a southern Indian city. According to Haider, this partnership aims to test and validate their assumptions, while also understanding the culture and supporting the Web3 ecosystem in India.