OKX is looking to expand its presence in the third-largest country in Asia.
Cryptocurrency exchange OKX is setting its sights on the Indian market with plans to expand Web3 application services and hire locally.
According to the announcement, the company aims to expand into India’s burgeoning developer community, emphasizing its strategic intent to bolster its wallet user base.
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Haider Rafique, the Chief Marketing Officer of OKX, revealed that the platform already has 200,000 OKX Wallet users in India, accounting for a mere 5% of the country’s Web3 users. Rafique stated:
We’re going to learn about the community. We’re going to work with local folks — figure out where we can add value.
Instead of opening a new office, the crypto exchange will rely on local staff to guide its expansion in the country. It is worth noting that the company mainly operates through regional hubs in places like Singapore, Dubai, Hong Kong, and the Bahamas.
As it stands, trading in crypto is legal in India. However, no formal regulations have been introduced by any central authority. Although cryptocurrencies are not recognized as legal tender, they can be traded and invested at the user's own risk.
Concerning regulation, Rafique mentioned that Indian regulators seem to be differentiating between centralized finance (CeFi) and Web3.
They’re more concerned about venues that have fiat on-ramps, which we do but we don’t offer it in India. Once India comes up with a regulatory framework for crypto, then we would like to be the front runners.
In 2023, OKX made major moves in its offerings by departing from Canada and receiving regulatory approval from Dubai's VARA.
OKX's strategic move to enter the Indian market underscores the crypto exchange's focus on tapping into the country’s rapidly evolving Web3 ecosystem. By leaning on local hires and community engagement rather than establishing a physical presence, OKX seeks to add value where it matters most.
