CrossTower exchange opens in India despite industry uncertainty

Global cryptocurrency exchange

CrossTower is testing the waters in the Indian market despite the country’s uncertain stance on cryptocurrencies. Sponsored Sponsored

Cryptocurrency exchange CrossTower has recently set up a local branch in India

. The company is headquartered in the United States, but is testing the waters in the Indian market. This comes at a time when India’s cryptocurrency policy remains unclear.

The exchange has already hired 35 people in India with plans to staff at least 100 in the coming months. Despite India’s rocky relationship with cryptocurrencies, other major exchanges have previously entered the Indian market, such as Binance in 2019.

CrossTower Sponsored Kapil Rathi, co-founder and CEO of CrossTower told Reuters that India will play a huge role in the future success of the exchange.

India will play a key role and we plan to use the country as a hub to expand into other geographies. We believe we are taking a calculated risk.
– Rathi said.

While there isn’t much regulation for cryptocurrencies in India at the moment, that could change in the near future. Still, exchanges are considering the country for expansion. Recently, Indian cryptocurrency exchange

CoinDCX became the first unicorn in the country with a valuation of over $1 billion.

CrossTower plans its expansion through competitive pricing and “reliance on advanced technological infrastructure,” according to Rathi.

India’s uncertain attitude towards cryptocurrencies

Earlier this

year, the Indian government had plans for a bill that would ban cryptocurrencies and make it illegal to own and trade

them. However, this plan never came to fruition. The Indian government made additional claims over the summer that continue the uncertainty around the space.

One of these is a potential 18% tax on foreign cryptocurrency exchanges operating in the country. This is intended to level the playing field for Indian investors. In addition, news broke yesterday that the Indian government is considering classifying cryptocurrencies as commodities

. Potentially, this classification would solve some of the problems the government is having with the market. They will also be implementing new KYC procedures and accounting standards.

On top of all this, the Indian government plans to launch its own CBDC trials in December this year. The digital rupee has been in the works for some time, and the initial launch will focus on wholesale and retail.

The future of cryptocurrencies in India is still uncertain, but the country is showing a lot of support among investors.

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