Poland-based bitcoin and altcoin exchange Bitbay is set to launch a trading platform in India in a move that will see unprecedented support for the trading of multiple cryptocurrencies in the country.
Leading Polish bitcoin exchange BitBay is priming to become the first international cryptocurrency trading platform to target the Indian market with the launch of a new digital currency exchange in the country. The nascent but growing cryptocurrency market in India is heavily influenced by bitcoin-only trading platforms like Unocoin and ZebPay, two indigenous bitcoin companies from the country. With its entry, BitBay will support bitcoin and six other altcoins, namely Ether, Litecoin, Lisk, Monero, Dash and Gamecredits.
In stating its intentions for the Indian market via a press release, the newly formed BitBay India states:
The prime objective of BitBay India is to remove all misconceptions related to cryptocurrency, drive more people towards digital currencies, attract potential investors from markets and offer an all-round platform to trade as well as exchange multiple cryptocurrencies at BitBay.
Indian authorities have been exploring a regulatory framework for the legal future of bitcoin and other digital currencies in the country with an inter-governmental committee tasked to the job earlier in March. Earlier this week, the panel submitted its official report to India’s finance minister. While details of the report haven’t been made public yet, all signs point to the government recognizing bitcoin with regulations that will also include taxing bitcoin adopters.
Ahead of a full launch on August 24, BitBay is also planning to launch demo trading next week to enable faux trading of cryptocurrencies as a test run.
“India is an interesting market,” BitBay CEO Sylwester Suszek told Forbes India. “The KYC norms are very strong and people are technology savvy in this country. We also feel a rising interest in the cryptocurrency asset class.”
BitBay India will launch operations with a 10-member team in New Delhi with a proposed plan to increase its workforce to 50 by the end of 2017.