On July 3, the company announced its ongoing discussions with India’s Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration. Although Bitget currently operates in India, it faces challenges in attracting new users due to the lack of VASP registration. “India is a high-priority market for Bitget.
With VASP registration, Bitget will adhere to the same rules as local exchanges, including a 1% tax deduction at source (TDS), a measure already implemented by KuCoin and other Indian exchanges. Cryptocurrency regulation in India remains a contentious issue, with divided opinions among regulators on how to address the emerging industry. India’s Finance Minister, Nirmala Sitharaman, has advocated for international collaboration to develop a comprehensive framework for cryptocurrencies, urging governments to recognize the potential benefits of blockchain technology.
Conversely, the Reserve Bank of India maintains its call for a blanket ban on digital assets.