- The exchange has a strong emphasis on safety
- It is licensed in 12 states of the US
- Many firms related to the crypto segment are starting a business in India
This exchange was started about three years ago. It has more than 30,000 active traders per day. Bitay claims that it stores the assets of the customers on computers without internet connection for greater security
The exchange has a strong emphasis on safety
Turkish crypto exchange Bitay has announced the launch of the business in India. This will help Bitay to increase the number of its users. Headquartered in the Turkish capital Istanbul, this exchange allows users to buy and sell crypto assets. The exchange has a strong emphasis on safety.
Bitay claims that it stores the assets of the customers on computers without an internet connection for added security. A press release issued by the firm running the exchange said that it has opened an office in Gurugram. This exchange was started about three years ago.
It is licensed in 12 states of the US
It has more than 30,000 active traders per day and the number of users is around 7.5 lakhs. The average trading volume per day on the exchange is around $250 million. Niyazi Yilmaz, Chief Executive Officer, Bitay said, “We are excited to have our presence in India. We are fully aware of the current legal situation and regulatory guidelines for cryptocurrencies in the country.”
He added that keeping in mind the high growth potential in the crypto industry, the exchange welcomes a tax of 30 percent on profits from cryptocurrencies and a TDS of 1 percent with effect from July. Yilmaz said, “We plan to reach out to Indian investors and traders and inform them about our offers. Initial users joining our platform will be given an airdrop from Bitay after completing KYC.”
Many firms related to the crypto segment are starting a business in India
The exchange also plans to launch its business in countries like the US, UK, Netherlands, and Estonia. These countries have a large number of traders associated with cryptocurrencies. The exchange is licensed in 12 US states. In recent months, firms associated with the crypto industry have planned to start their business in India. These firms can benefit from the rapid growth of this segment in the country. However, the trading volume in this segment has declined since the imposition of tax on cryptocurrencies by the central government.
People associated with the crypto industry have requested the government to reduce the tax rate. Legislation for the crypto segment is also being worked out.