Turkish Cryptocurrency Exchange Bitay Plans To Enter Indian Market

Given the exponential growth of cryptocurrencies in India, Bitay, a Turkish cryptocurrency exchange, plans to enter the Indian market.

The exchange says that it will follow India's cryptocurrency tax guidelines. Bitay, which has a customer base of one million worldwide, has already set up an office in Gurgaon.

The exchange plans to reach out to Indians aged between 21 and 35 in cities such as Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur, and Lucknow.

According to Niyazi Yilmaz, the CEO of Bitay, the company is prepared to embrace and welcome the Indian government's proposed 30 percent tax on cryptocurrency profits and 1 percent TDS beginning in July.

Yilmaz added that through their initiatives, the company intends to reach out to Indian merchants and investors. Early users will receive an Airdrop from Bitay once they have completed their KYC on the exchange's platform.

The exchange wants to reach out to the millennial generation, which makes up 30 percent of the population and generates 38 percent of the country's total gross income, said Yilmaz.

In a tweet a few days ago, the company wrote on its official handle, “Namaste India. Our localization strategy starts with India.”

Apart from India, Bitay plans to expand into other nations such as the United States, England, the Netherlands, and Estonia. The company also claims to have licences in 12 states in the US.

Bitay claims to have established initiatives and products such as the Bitay NFT platform, Bitay Visa Card, Bitay Game, and Bitay Academy in addition to cryptocurrency trading activities.

According to a Chainalysis report published in October 2021, India is the world's second-largest cryptocurrency consumer. In June 2021, the Indian cryptocurrency market rose by 641 percent, according to the research.

Bitay is a cryptocurrency exchange platform based in Istanbul, Turkey, that allows users to buy and sell crypto assets via technology trade methods.

According to the company's website, “India, the Turkic countries, Eastern Europe, the Balkans, and selected countries in MENA are the priority markets for Bitay's services.”

Bitay claims to keep customer assets in cold storage, such as hardware wallets rather than paper wallets and PCs without internet access.