The cryptocurrency trade OKX plans to enter the Indian market and recruit native workers in an effort to develop the chances of Web3 functions, in keeping with a CoinDesk report.

OKX chief advertising and marketing officer Haider Rafique mentioned the corporate plans to scale up its pockets companies “exponentially” by way of entrance into India’s developer group. He continued, saying there are at present 200,000 OKX Pockets customers in India, which equates to barely 5% of India’s Web3 customers.

“We’re going to study concerning the group. We’re going to work with native people — work out the place we will add worth.”

OKX is the sixth-largest cryptocurrency trade worldwide when it comes to quantity, in keeping with present data from CoinMarketCap. It additionally doesn’t have a worldwide headquarters however reasonably works out of regional hubs in Singapore, Dubai, Hong Kong and the Bahamas.

Rafique mentioned the corporate wasn’t planning on opening an workplace in India however would rely upon native workers to steer its efforts within the nation.

“We’re attempting to establish who’s who within the zoo and what’s their contribution. There’s a big developer group. How will we assist them? Construct a relationship with them.”

He commented that by taking the group strategy, it may spotlight the suitable strategy to enter the native market.

Not too long ago, OKX partnered with the blockchain platform Neo for an APAC Hackathon within the southern Indian metropolis of Bengaluru. Rafique known as this transfer a take a look at to validate assumptions, perceive the tradition, and help the native Web3 ecosystem.

Associated: Basis trading, simplified, and how exchanges adapt to institutional needs — Q&A with OKX

Buying and selling cryptocurrencies is authorized in India, although there are at present no set rules in place by a government, and they’re traded and used on the danger of the investor. Whereas they don’t seem to be banned, additionally they shouldn’t have any standing as authorized tender, nor can they be used for banking functions. The nation at present imposes a 30% tax on crypto.

On July 27, India’s Supreme Courtroom reprimanded the Union government for the shortage of crypto rules. It pushed the federal government to disclose if it has any plans for upcoming rules of digital currencies as a consequence ofa rise in criminal activities involving cryptocurrencies.

Rafique mentioned he thinks regulators there are starting to separate Web3 from centralized finance (CeFi). “They’re extra involved about venues which have fiat on-ramps, which we do however we don’t provide it in India,” he mentioned.

“As soon as India comes up with a regulatory framework for crypto, then we want to be the entrance runners.”

Whereas OKX plans to rent on-the-ground employees in India, Indian cryptocurrency exchanges CoinSwitch and CoinDCX have just lately had to lay off staff by the hands of the present market droop.

Journal: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in