OKX Steps into the Indian Web3 Terrain, Aiming to Build Local Developer Connections

In a calculated effort to engage with India’s rapidly expanding Web3 domain, the cryptocurrency exchange OKX has revealed its plans to set up shop in the Indian market. 

OKX’s Chief Marketing Officer Haider Rafique has confirmed this initiative to  Coindesk . During his conversation with CoinDesk, Haider expressed the exchange's intentions to enhance its wallet offerings by taking advantage of India's dynamic Web3 developer ecosystem.

In his interview, Haider highlighted OKX’s ambition to rapidly expand its wallet services by leveraging India’s growing developer community, noting that the platform currently has around 200,000 wallet users in the country—just 5% of India’s total Web3 user base.

He emphasized that the company’s approach would focus on engaging with the community and collaborating with local players to determine how OKX can make a meaningful impact.

While cryptocurrency in India occupies a regulatory gray area—neither recognized as legal nor outright banned—the nation has not yet enacted specific laws governing Web3 or cryptocurrencies. However, stringent taxes on crypto trading and anti-money laundering regulations are already in place.

Nevertheless, India is beginning to explore ways to integrate Web3 technologies into its digital infrastructure. As the current G20 president, Prime Minister Narendra Modi has recently emphasized the need to establish  global regulatory frameworks  for cryptocurrencies at the G20 Summit 2023.

He noted that various organizations, including the Financial Stability Board (FSB) and the  Financial Action Task Force  (FATF), are actively working to develop crucial regulatory frameworks for the cryptocurrency sector.

India's roadmap for crypto aims to create a consensus on fundamental policy standards for crypto assets among nations. PM Modi stated that this would help ensure macroeconomic stability, enhance financial integrity, and provide necessary investor awareness, among other advantages.

The challenging regulatory environment in India has discouraged many global crypto exchanges from entering the market. Data from AppTweak shows that six of the ten most popular trading apps in the country belong to international exchanges.

Even Coinbase, a major industry player, faced disruptions just three days after launching its trading services. Indian authorities have urged the Web3 industry to differentiate itself from traditional cryptocurrency platforms.

While OKX doesn't have a physical presence in India yet and isn't planning to establish one immediately, Rafique confirmed that the exchange is actively looking for skilled professionals to lead its initiatives in the country.

Recently, OKX collaborated with the blockchain platform Neo for its APAC Hackathon held in Bengaluru, a significant step toward validating its assumptions, understanding local nuances, and contributing to the evolving Web3 ecosystem.