Many cryptocurrency exchanges were forced to either leave the Indian market or limit their presence in it. They made this decision against the backdrop of tightening control over the cryptosphere and high taxes on market participants.
However, according to the CEO of the KuCoin platform, Johnny Lew, India still retains the status of one of the most promising markets. In the long term, it is this state that will enter the list of leaders in terms of the rate of adoption of digital currencies.
The KuCoin exchange is not only not going to leave the Indian market, but on the contrary, it will strengthen its position in this country.
Trending: Smart Contracts Audits Startup Hexens Closed $4.2 M Seed Funding
Johnny Liu emphasized: "Regardless of the current situation, we are still looking far into the future. I believe that with the long-term funding of the KuCoin infrastructure in the Indian market, we expect it to expand."
The number of Indian users of the exchange for six months increased by 1251% compared to the same period last year.
According to the head of the trading platform, the taxation of the industry will contribute to the completion of the process of maturation of the industry and the introduction of a more effective model of crypto regulation.