Cryptocurrency

Update (Dec. 6, 2:40 pm UTC): This article has been updated to retract a sensitive company information discussed during the interview.
Cryptocurrency exchanges and the broader industry face increasing global regulatory pressure, with compliance measures ranging from user security to transparent operations.
In India, challenges have emerged as its population steadily adopts cryptocurrencies and the country adjusts its taxation and compliance policies.
In an interview with Cointelegraph at India Blockchain Week 2024, Bitget chief operating officer Vugar Usi Zade discussed the importance of regulatory clarity for fostering trust and ensuring the safe integration of digital finance into mainstream systems.
“Legal certainties,” Zade said, create opportunities for companies to collaborate with regulators and operate compliantly.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitexc-launch-vietnam-crypto-trading" rel="null" target="null" text="null" title="null">Bitget launches BitEXC customized crypto exchange in Vietnam</a>
<h2 id="trust-through-compliance">Trust through compliance</h2>
As cryptocurrency adoption accelerates worldwide, exchanges are tasked with prioritizing compliance to build trust and ensure user safety.
Zade highlighted Know Your Customer (KYC) protocols as vital for preventing fraudulent activity and securing transactions “in the long term.”
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 Zade speaking at India Blockchain Week 2024. Source: Bitget
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He also noted the growing use of artificial intelligence to detect fraud, of using AI “to identify deepfakes or bad actors” with fake documents. 
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/in-india-adoption-metrics-don-t-match-on-ground-reality" rel="null" target="null" text="null" title="null">In India, adoption metrics don’t match on-ground reality</a>
<h2 id="india-crypto-regulation">India crypto regulation</h2>
While India’s crypto market reflects the global trend of increasing regulatory oversight, policies such as a 1% tax deducted at source (TDS) and a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-india-thrives-discouraging-taxes" rel="" target="_self" text="null" title="https://cointelegraph.com/news/crypto-india-thrives-discouraging-taxes">steep 30% tax on profits</a> have drawn mixed reactions from investors and traders.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitgo-talks-launch-services-in-india" rel="null" target="null" text="null" title="null">BitGo in talks to launch services in India</a>
<h2 id="investor-innovation-balance">Investor-Innovation balance</h2>
The Bitget COO said balancing user protections with innovation was a central challenge for crypto exchanges.
Zade also observed that most “influencers” seem to talk about the next 100x token on YouTube or X, but hoped that in the near future, we may see more discussion of sustainable investment practices “like dollar-cost-averaging.”
By implementing more compliance-first measures and transparency in the market, Zade said that exchanges can help direct the trend toward an investment approach, “rather than trying to milk the market.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/normie-degens-go-all-in-on-sports-fan-crypto-tokens-for-the-rewards/" rel="null" target="null" text="null" title="null">‘Normie degens’ go all in on sports fan crypto tokens for the rewards</a>

Regulation compliance key to India’s crypto future — Bitget COO

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