Turkish Cryptocurrency Exchange Bitay Announces Intention to Enter India

Bitay, the Turkish cryptocurrency powerhouse, has announced its entry into the Indian market to expand its multi-regional user base and penetrate a sector that hasn’t been particularly welcoming to global exchanges due to legal uncertainties.

Bitay, based in Istanbul, Turkey, is a cryptocurrency exchange platform that allows users to buy and sell crypto assets while maintaining a high level of security.

The platform promises to store user assets in cold storage, such as hardware wallets rather than paper wallets and PCs without an internet connection to support vital security requirements.

According to a press release, the digital asset exchange firm has already established its office in Gurugram, India. It will operate under the moniker ‘Bitay India,’ which the business has chosen for its Indian subsidiary.

Bitay, which launched in Turkey in late 2019, has achieved some impressive milestones in the previous two years, with upwards of 30,000 active daily traders, a user base of more than 750,000 KYC-verified individuals, and an average daily trading volume of $250 million (roughly Rs. 1,942 crores).

Niyazi Yilmaz, CEO of Bitay, spoke on leaving a mark in India, saying, “We’re thrilled to be kicking off our presence in India with a thorough understanding of the country’s present legal and regulatory framework for cryptocurrencies. With the huge development potential of the crypto business in mind, we comfortably accept and applaud the government’s 30 per cent tax on cryptocurrency revenue and 1% TDS, which will take effect in July.”

“We want to convey our services to Indian traders and investors, directly or indirectly, via our campaigns. Early customers who join our platform will get an airdrop from Bitay after completing their KYC, “Yilmaz added.

Apart from India, Bitay plans to expand its operations to the United States, England, the Netherlands, and Estonia, given the great potential for cryptocurrency activity in these nations.

The firm now holds licenses in 12 different states in the United States. Bitay has released some products in the crypto area, including the Bitay NFT platform, Bitay Visa Card, Bitay Game, and Bitay Academy.