WazirX, one of the biggest crypto-trading platforms in India, announced that its platform would be open for international users from March 27.
Unlike Indian traders, global users will not be required to complete the full KYC process to start trading on WazirX, reported Crypto dost. The publication also stated that new traders would need to confirm only their email address and mobile numbers to start trading on WazirX.
India is yet to formulate regulations for cryptocurrencies, but the Supreme Court had given the Union government four weeks to formulate a policy or regulations for digital assets. The country’s Reserve Bank of India [RBI] has levied a ban on crypto transactions, but the growing adoption of cryptocurrencies has allowed users to trade without oversight.
After the RBI ban, WazirX took the Peer-to-Peer track in July to enable Indians to participate in trading. It registered a volume of ₹125,00,00,000+ in P2P trades. The platform clocked in over ₹415,00,00,000+ in crypto trading volume over the past one year, while the total number of app installations were noted to be over 75,000.
Nischal Shetty, the Co-founder and CEO of WazirX, said,
“Despite the cryptocurrency sector in India enduring a whirlwind, we have been successful in scaling up the venture, clocking in ₹415,00,00,000+ volume in crypto trades. The achievements of the past year only reinstates our faith in the need and demand for crypto in the Indian markets. We are hopeful that the authorities will pay heed to what the nation wants and instead of a blanket ban, work with start-ups like us to better regulate the sector.”
The cryptocurrency exchange flagged off its international expansion plan by opening registrations for users from Indonesia, Nigeria, Venezuela, Canada, Russia, UAE, Germany, Netherlands, Poland, and France, among others, reported the publication.
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