10 March, 2020 | AtoZ Markets – Supreme Court ruled to lift the ban on banks from doing business with crypto companies. According to Kraken, its growth in India has been hampered by the ban on the Reserve Bank of India (RBI). US crypto exchange Kraken plans to enter the Indian market. However, it did not give more details on the plans for this massive market.
Kraken operated in India and offered a range of services including spot, derivatives and futures trading with digital assets. However, the hostility of the Indian authorities towards the crypto market has "limited" the growth of the exchange.
In April 2018, RBI banned cryptocurrencies by prohibiting regulated entities from providing services to any individual or business carrying out digital currency transactions. As a result, the volume of cryptocurrency exchanges in India had decreased by 90%. Financial institutions had already started to restrict the capacity of cryptocurrency exchanges.
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Kraken Plans to Expand Indian Operations As Crypto Ban Lifts
The head of global business development at Kraken, Sunny Ray said the following about the Indian Supreme Court decision:
"This is an incredibly moving moment for India. Satoshi created Bitcoin because he believed that central banks were ineffective. The crypto industry fought, and won, against the bank in the second-most populous country in the world. It is a massive achievement. We also fought for 1.5 billion people to have access to crypto. "
With the resumption of banking services, the Kraken is ready to expand its offer to Indian traders. "Kraken is excited to re-commit resources to develop its service in the region with new features and offerings," said the announcement. However, the exchange has not yet revealed its exact plans for a market with such huge potential.
Meanwhile, the Reserve Bank of India (RBI) plans to appeal the Supreme Court ruling on crypto. However, it is concerned about the risks to the banking industry related to exposure to crypto.
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