- The company has already set up an office in Gurgaon in India.
- According to the data, the Indian crypto market grew by 641% in June 2021.
Bitay, a well-known Turkish cryptocurrency exchange, plans to enter the Indian market. Bitay also welcomes India’s crypto tax restrictions. The exchange aims to target people in their early twenties and early thirties.
One million consumers now use Bitay, and the company has already set up an office in Gurgaon in India. As of October 2021, India is second in the world in terms of Cryptocurrency users, according to the most recent Chainalysis data. According to the data, the Indian crypto market grew by a remarkable 641% in June 2021.
It was revealed that Bitay intends to target Indians between the ages of 21 and 35 who live in major cities such as Mumbai and Delhi as well as Chennai and Kolkata as well as Pune and Hyderabad as well as Bangalore and Ahmedabad.
Bitay’s CEO, Niyazi Yilmaz, stated the following:
“We are excited to mark our presence in India with full knowledge of the current status of legal and regulatory guidelines of Cryptocurrency in the country. Keeping in mind the immense growth opportunities of the Crypto industry, we readily accept and welcome the Government’s 30% tax on income from Cryptocurrencies and 1% TDS to be applicable from July. We plan to reach out to Indian traders and investors directly or indirectly and communicate our offerings to them through our campaigns. Upon joining our platform, early users shall get an Airdrop from Bitay, once they complete their KYC on our platform.”
In addition to India, Bitay plans to grow its operations in the United States, the United Kingdom, the Netherlands, and Estonia, all of which have a thriving Cryptocurrency scene. Bitay now has licenses in 12 states in the United States of America. It is a bold move since there is uncertainty in the crypto market in India over taxation and blanket ban.