Bitget's Compliance Efforts with Indian Regulators

Bitget, a significant cryptocurrency exchange, is undergoing collaborations with Indian regulatory authorities to secure the necessary licenses for operating within the country in adherence to local regulations.

Bitget has been engaged in active dialogues with India's Financial Intelligence Unit (FIU) to acquire Virtual Asset Service Provider (VASP) registration, as disclosed by the company on July 3.

The attainment of this registration is poised to provide a clear pathway for Bitget to comply with tax regulations and uphold operational transparency, highlighted by Bitget's head of global communications, Simran Alphonso, in a statement to Cointelegraph.

Alphonso emphasized that obtaining this registration not only ensures compliance but also facilitates hosting of meetings, community engagements, and educational events. This, in turn, augments the reliability and credibility of a crypto exchange.

Moreover, Alphonso pointed out that FIU registration plays a pivotal role in enhancing consumer safeguards by offering mechanisms for dispute resolution and fraud compensation. Additionally, it enables civil force support to track down fraudulent individuals.

The current operational status of Bitget in the Indian market involves challenges related to onboarding new users due to the absence of VASP registration. Alphonso stated that new users encounter difficulties accessing Bitget apps on popular platforms like Google Play store and App store, while existing users continue to utilize the platform with full functionality.

Notably, Alphonso did not provide specific details on the range of cryptocurrency services that Bitget offers to its existing user base.

This story is evolving, and additional updates will be incorporated as they emerge.