Bybit restored full access to its trading app in India after months of regulatory negotiations. The app is now available again on both the App Store and Google Play. However, the exchange hinted that its website will be fully accessible to Indian users within days.
This marks a crucial re-entry into one of the world’s fastest-growing crypto markets. India has leapfrogged to the top of the Chainalysis Global Crypto Adoption Index, ahead of the United States. Bitcoin’s recent rally to hit an all-time high (ATH) above $124k has made it more global than before.
Bybit restores full services in India
ByBit’s relaunch follows its registration with India’s Financial Intelligence Unit (FIU) earlier this year. This gives it status as a reporting entity under the country’s anti-money laundering framework. Without that sign-off, Bybit and other offshore exchanges had been forced to retreat from the market.
It resumed partial operations in February, but only after extended talks with regulators has the exchange been able to restore its full suite of services. This includes spot and derivatives trading, options, and copy trading.
“This is not a comeback, it’s a new chapter for Bybit in India,” co-founder and CEO Ben Zhou said in a statement. He added, “India is among the most promising digital asset markets globally,” and reaffirmed the exchange’s devotion to delivering Indian users with secure, transparent crypto experiences.
Vikas Gupta, who heads Bybit’s India operations, called the return a “milestone moment.” He pledged that the exchange wants to go beyond trading services, pitching education initiatives and partnerships to grow the local ecosystem.
A report revealed that India is leading the crypto adoption globally. Asia-Pacific volumes jumped to $2.36 trillion from $1.4 trillion a year earlier over the past year. India, Vietnam, and Pakistan are driving much of the surge. That growth stands in contrast to the often uneasy relationship between Indian regulators and the industry.
Tax rules on crypto assets remain punishing, with a 30% levy on gains and a 1% levy on transactions.
The cumulative crypto market cap is hovering around the $3.8 trillion mark. After the recent correction, Bitcoin is trading at an average of $112,100 at the press time. The biggest altcoin had some big months that helped it outperform BTC. Ethereum price jumped by 55% over the past 60 days. ETH is trading around $4,315 at the press time.
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Source: https://www.cryptopolitan.com/bybit-resumes-services-in-india/