OKX, a global cryptocurrency exchange, is planning to enter the Indian market and recruit local employees in order to expand its Web3 applications. According to OKX’s CMO, Haider Rafique, there are currently 200,000 OKX user wallets in India, which is only 5% of India’s Web3 users. The company is looking to build relationships with the local developer community and add value to the market. OKX recently partnered with the blockchain platform Neo for an APAC Hackathon in Bengaluru.Cryptocurrency trading is legal in India, but there are no regulations in place by a central authority. The country currently imposes a 30% tax on crypto. India’s Supreme Court recently reprimanded the Union government for the lack of crypto regulations and asked if it had any plans for upcoming regulations. Rafique believes that regulators are beginning to separate Web3 from centralized financial (CeFi).OKX plans to hire on-the-ground staff in India, although other Indian cryptocurrency exchanges have recently had to lay off staff due to the current market slump.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇮🇳 🇸🇬 🇭🇰 🇧🇸
Sentiment	neutral
Relevance Score	8
People	CoinDCX., Haider Rafique, CoinSwitch, Union government, Supreme Court
Companies	Neo, Supreme Court of India, CoinMarketCap, OKX, Union government of India, CoinDesk
Currencies	NEO, OKX Staked DOT2, Indian Rupee, Ethereum, Bitcoin
Securities	None