In a significant move towards regulatory compliance, the prominent digital currency platform Bitget is collaborating with Indian authorities to secure the necessary licenses to operate within the nation’s legal framework.
On July 3, Bitget declared its ongoing negotiations with India’s Financial Intelligence Unit (FIU) to secure a Virtual Asset Service Provider (VASP) license. This critical step will pave the way for adherence to tax regulations and ensure a transparent business operation, according to Simran Alphonso, Bitget’s Chief of Global Communications.
Alphonso, in a conversation with Cointelegraph, emphasized the broader implications of the registration. “Securing this license not only facilitates regulatory and tax compliance but also lays the foundation for community engagement through meetups and educational initiatives, bolstering the exchange’s trustworthiness and standing,” she remarked.
The VASP license is also instrumental in enhancing consumer safeguards, offering mechanisms for dispute resolution and recompense in cases of fraud, while also aiding law enforcement in the pursuit of fraudulent actors, Alphonso added.
She highlighted that, despite Bitget’s active presence in the Indian market, the absence of a VASP license has been a stumbling block in onboarding new clientele. “New users are encountering challenges when trying to download Bitget’s applications from the Google Play Store and the App Store, whereas existing users continue to enjoy full access to the app’s features,” Alphonso explained.
The specifics of the cryptocurrency services currently available to Bitget’s existing clientele were not disclosed by Alphonso.
As the situation evolves, further updates are anticipated to follow.