Digital asset revenues in India projected to exceed $6 billion in 2024.
BitGo in Talks with India’s FIU
California-based digital assets platform BitGo is in active discussions with India’s Financial Intelligence Unit (FIU) to establish operations in the country. Speaking during India Blockchain Week, BitGo’s COO Chen Fang confirmed the company’s interest in India’s multibillion-dollar crypto market.
“We’re currently not in the Indian market,” Fang stated. “However, there are ongoing conversations between us and the FIU about entering this space.”
BitGo aims to offer trading and physical custody services to institutional clients in India, requiring full registration under local laws. With 460 global employees, including 150 based in Bangalore, the company already has a foothold in India.
India: A Crypto Powerhouse
India ranks first in Chainalysis’ global crypto adoption index for 2024, despite a ban on offshore crypto exchanges. Statista projects the country’s crypto market revenue to reach $6.6 billion by 2024.
In December 2023, the FIU classified nine foreign exchanges, including Binance and Kraken, as non-compliant with Anti-Money Laundering laws, resulting in a ban on their platforms. Binance later resolved regulatory issues, paying an $86 million tax penalty.
Concerns Over Blockchain Decentralisation
Fang expressed concerns about the state of decentralization in the blockchain industry, suggesting Bitcoin’s creator, Satoshi Nakamoto, would be disappointed.
“Some blockchains gaining traction aren’t truly decentralised,” Fang remarked. He highlighted the issue of control by limited sequencers—entities responsible for processing and ordering blockchain transactions.
“If one company controls the sequencer, it’s not a decentralised blockchain. It’s a public database with a single admin,” Fang added.
Global Expansion Efforts
BitGo recently launched its first global platform for retail clients and operates in over 50 countries. Its physical storage facilities span jurisdictions including the US, Germany, and Singapore, where it recently secured a crypto exchange license.
By entering India’s fast-growing market, BitGo seeks to solidify its presence in one of the world’s leading crypto economies.
