Popular digital asset exchange Kraken has announced that it is now committed to expanding its business in India. The exchange decided it will put some focus on the Indian market now that crypto businesses are now legally allowed to operate.
In an official Kraken blog post, the company says that its plans for India became “limited” back in 2018 when the Reserve Bank of India (RBI) banned financial institutions from offering services to crypto businesses. Now that the Supreme Court has ruled the ban as unconstitutional, Kraken is “thrilled” and will resume expansion in India.
Expressing excitement, Kraken Head of Global Business Development Sunny Ray described the development as “incredibly emotional.” He continued:
“The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”
Kraken says that it will now pump resources into its activities in India and offer new features for customers.
Last week, the Supreme Court of India ruled that the RBI could not ban banks from doing business with crypto business, lifting the ban. The news was widely celebrated by crypto proponents around the country. Also, other crypto exchanges that abandoned the crypto scene in India are now planning to return.
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