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India Welcomes Bitget as Crypto Investment Hub
7 Dec
Summary
- Bitget aims to expand investment options in India by 2026.
- Bank of Japan's rate hike hint caused Bitcoin to drop significantly.
- Japan's potential move could impact US debt markets.
Cryptocurrency exchange Bitget is set to significantly expand its presence in India, with plans to offer a wider array of investment services beyond its current exchange platform. The company is registering with India's Financial Intelligence Unit and anticipates securing the necessary license by 2026. Bitget views India as a crucial market due to its technologically adept population and high volume of remittances, seeing potential for cross-border crypto use cases and even crypto debit cards.
Bitget's Chief Marketing Officer highlighted the exchange's ambition to become a comprehensive financial gateway, integrating centralized finance (CeFi), decentralized finance (DeFi), and traditional finance (TradFi) into a unified investment platform. He stressed the need for faster regulatory progress and increased awareness in India to fully unlock crypto's potential.
Separately, global crypto markets, including Bitcoin, saw a notable downturn following hints from the Bank of Japan about a potential interest rate increase. This news from Tokyo caused a ripple effect, pushing investors towards safer assets and away from cryptocurrencies. The move by the Bank of Japan, potentially raising rates by 0.25%, also increased Japan's 10-year bond yield to its highest since 2008, raising concerns about the stability of the US debt market given Japan's significant holdings of US Treasuries.
