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Author Topic: Bithumb to launch in India - A thumb to eye for Anti-Bitcoin gang!  (Read 73 times)
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October 09, 2019, 11:25:09 PM
Merited by amishmanish (1), JSRAW (1)
 #1

In case you didn't hear about it, Bithumb Global to Launch Regulated Crypto Exchange in India

Could this be the resurgence of cryptomania in India?

Go ahead, let your views be heard, I'll chime in later.

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October 10, 2019, 03:59:23 AM
 #2

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The firm is planning to expand its services to India by partnering with local crypto exchanges

Here exchanges are struggling to catch a breath and they are looking to partner with them.

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October 11, 2019, 12:21:59 AM
 #3

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The firm is planning to expand its services to India by partnering with local crypto exchanges

Here exchanges are struggling to catch a breath and they are looking to partner with them.

This could, in fact, bring some respite into the region. What we lack here are big players in the industry willing to take up the mantle of regulations, enforcing of those regulations, but most importantly, lobbying politically for a better conducive atmosphere for businesses to work here.

There can be no progress in a vacuum.

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October 11, 2019, 05:25:59 AM
 #4

This should be first in that a foreign exchange will try to set up an arm in India. As a cryptocurrency exchange, it'll be unclear that which regulators they are going to talk to.
This much should have been sorted out till now but the powers are too busy playing bigger games than doing the grunt work of figuring out how to treat cryptocurrency, whether they should come under SEBI or RBI guidelines.

It is a sad situation which explains why India has again slid down the rankings in terms of being business-friendly. If nothing else, exchanges that adhere to KYC norms should have had no problem in carrying out business. Yet, even they had to shut shop after the blanket ban by RBI.
Bithumb will have to contend with RBI Act, BR Act, FEMA Act etc etc. The best thing about being a foreign entity though is the cosmetic advantage that they can get due to thie present Governments obsession with being seen as a bigger global player.

Our PM-jee  love rubbing shoulders with the International community so the interest from a foreign exchange maybe the bit we need for politicians to take note.

 
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October 11, 2019, 08:11:19 AM
 #5

This should be first in that a foreign exchange will try to set up an arm in India. -skipped-

This is not the first time a foreign exchange trying to set foot on the Indian market. We already have Okex strategically partnered with Bitbns. They already have an Okex India Facebook and Twitter pages and are promoting in telegram as well.

So I think there is nothing new about Bitthumb planning to move towards Indian market. But until and unless India takes a clear stance on Crypto, we can't expect much from well established exchanges moving towards India. The situation will just remain the same, IMHO.

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October 15, 2019, 05:37:07 PM
 #6

Regulated crypto exchange??

Pretty confusing news! How come an exchange will be regulated when all existing Indian exchanges are getting their business to a different country? I think BitThumb is just being over optimistic about India eyeing the market potential. But they haven't yet faced Indian red tepism and tax terrorism. I would like them to try!

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October 17, 2019, 05:43:53 AM
 #7

Regulated crypto exchange??

Pretty confusing news! How come an exchange will be regulated when all existing Indian exchanges are getting their business to a different country? I think BitThumb is just being over optimistic about India eyeing the market potential. But they haven't yet faced Indian red tepism and tax terrorism. I would like them to try!

I think that India goes positive on crypto and start with drafting better regulations in order to get the best out of it, they know the potential revenue they can attract by opening doors to multiple high reputation exchanges with less tax, and even if taxes are higher, those exchanges know the potential of Indian investment so they'd dare not to miss the crisp of the piece they'd be getting once they chime into our country. Watching BitHumb taking this step is actually appreciating and giving others a wake up alarm that while others (Indian origin exchanges) have left the country due to the fears, these guys dare to take it to the next level while even being from a different country.

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October 17, 2019, 07:42:08 AM
 #8

Pretty confusing news! How come an exchange will be regulated when all existing Indian exchanges are getting their business to a different country? I think BitThumb is just being over optimistic about India eyeing the market potential. But they haven't yet faced Indian red tepism and tax terrorism. I would like them to try!

1st crypto is not so far banned p2p is people using .. which is fine according to law... as long as they show those money in tax returns then no worries,lets go back to your tax .. its not like old days where it was hard call for someone to fill tax.. now these days its very much easy task ..



 
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October 17, 2019, 09:04:12 AM
 #9

Would like to see it happen. India can definitely use all the outside help here, the govt thinks crypto to be a ponzi scheme and that does make sense given how many people are using it for scam and giving it a bad name. But then again, they did same with cash before this

if someone can show them the good side, probably will help with the decision, for that we need all the big players we can and a  regulated exchange might just be the thing needed.

 
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October 17, 2019, 06:00:08 PM
Merited by Heisenberg_Hunter (1)
 #10

Pretty confusing news! How come an exchange will be regulated when all existing Indian exchanges are getting their business to a different country? I think BitThumb is just being over optimistic about India eyeing the market potential. But they haven't yet faced Indian red tepism and tax terrorism. I would like them to try!

1st crypto is not so far banned p2p is people using .. which is fine according to law... as long as they show those money in tax returns then no worries,lets go back to your tax .. its not like old days where it was hard call for someone to fill tax.. now these days its very much easy task ..


I am very well aware of what's happening in India! Believe me, I am probably more aware about the tax rules and business environment of India than a lot of people given my background of working with a "Big Four" audit company. I would be very happy if any crypto exchange gets a legal status in India!

P2p trading is a different thing and regulated crypto exchange another. My concern is very simple! The homegrown crypto exchanges like Zebpay was forced to move their operations to Singapore because RBI didn't allow them to operate a bank account in India. Unocoin owner got arrested for installing a crypto atm. RBI's banking ban is still in force which states no crypto related entity should be allowed to operate an Indian bank account.

Then how come a Korean exchange is expected to start in India? How?

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October 17, 2019, 10:51:25 PM
 #11

Pretty confusing news! How come an exchange will be regulated when all existing Indian exchanges are getting their business to a different country? I think BitThumb is just being over optimistic about India eyeing the market potential. But they haven't yet faced Indian red tepism and tax terrorism. I would like them to try!

1st crypto is not so far banned p2p is people using .. which is fine according to law... as long as they show those money in tax returns then no worries,lets go back to your tax .. its not like old days where it was hard call for someone to fill tax.. now these days its very much easy task ..


I am very well aware of what's happening in India! Believe me, I am probably more aware about the tax rules and business environment of India than a lot of people given my background of working with a "Big Four" audit company. I would be very happy if any crypto exchange gets a legal status in India!

P2p trading is a different thing and regulated crypto exchange another. My concern is very simple! The homegrown crypto exchanges like Zebpay was forced to move their operations to Singapore because RBI didn't allow them to operate a bank account in India. Unocoin owner got arrested for installing a crypto atm. RBI's banking ban is still in force which states no crypto related entity should be allowed to operate an Indian bank account.

Then how come a Korean exchange is expected to start in India? How?

Thats a lot of valid questions. I would like to know the answer to the last part as well : Then how come a Korean exchange is expected to start in India? How?
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