Some of the biggest names in the crypto exchange business are reportedly eager to capture India’s cryptocurrency trading market even as the government is yet to issue clear-cut regulatory policies.
According to Reuters, sources say Kraken, Bitfinex and KuCoin are examining the potential for setting up shop in India.
Crypto exchange giant Binance entered the Indian market back in 2019, acquiring one of the country’s most recognizable cryptocurrency trading platforms WazirX.
The aforementioned trio could also pursue a similar entry strategy by acquiring or forming strategic partnerships with other Indian crypto exchanges.
According to the Reuters source, these global exchanges are already in the process of understanding the operating conditions in India including preliminary due diligence for acquiring local crypto exchanges.
Apart from partnering with Indian crypto exchanges, these platforms could also elect to go the subsidiary route to establish their presence in the country.
As previously reported by Cointelegraph, United States exchange behemoth Coinbase announced plans to extend its business to India and has