Given the massive growth of digital currencies in this country, there are plans for a Turkish exchange, Bitay to enter Indian markets. The exchange says that it will abide by the crypto tax policies of India. With that let us have a look at some of the latest cryptocurrency news in India.
Bitay To Enter Indian Market: Reports
Bitay, a Turkish crypto exchange whose customer base is one million across the globe plans to set up its office in Gurgaon. There have been reports of Bitay to enter Indian markets and it aims at reaching Indians between the ages 21 and 35 in cities like Delhi, Mumbai, Chennai, Kolkata, Pune, Bangalore, Hyderabad, Delhi, Indore, Ahmedabad, Jaipur, Patna, and Lucknow.
As per Niyazi Yilmaz, Bitay’s CEO, the entity is ready to welcome and embrace the proposed 30% tax on digital currency profits and the 1% TDS starting in July, levied by the Indian government.
Yilmaz further added that via their initiatives, the company plans to reach out to Indian investors and merchants. Early users will get an Airdrop from this exchange once they have fulfilled their KYC. on the platform of the exchange.
The plan of Bitay to enter Indian market and reach out to the millennial generation, which is about 30% of the total population of this country and develops 38% of the total gross income of the country.
A few days ago in a tweet, the company on its official handle wrote,
“Namaste India. Our localization strategy starts with India.”
Apart from India, this cryptocurrency exchange has plans to enter other countries like the US, Netherlands, England, and Estonia. The entity also asserts to have licenses in the 12 states in the US.
Bitay asserts to have created products and initiatives like the Bitay NFT platform, Bitay Game, Bitay Visa Card, and Bitay Academy, along with crypto trading India. As per the reports of Chainlysis published in October 2021, India is the second largest digital currency consumer in the world. In June 2021, the Indian crypto market increased by 641%, as per research.
According to Bitay’s website,
“India, the Turkic countries, Eastern Europe, the Balkans, and selected countries in MENA are the priority markets for Bitay’s services.”
Bitay To Enter Indian Market: About The Exchange
Bitay is a digital currency exchange that is registered in Turkey. It has been live since December 2018. They call themselves “Turkey’s Most Trusted Exchange”. And it is indeed among the top cryptocurrency exchange in India.
Mobile Support
Most crypto traders think that desktops offer the ideal scenario for their trading. The trading chart will also be more convenient to see. However, not all investors need desktops for their trading. Some choose to do their crypto trading through their mobile phone. If you are among those traders, you will be happy to learn that the trading platform of Bitay is also mobile compatible. To our knowledge, you can download the application from both Google Play and AppStore.
Bitay Trading View
Each trading platform offers a trading view. The trading view is normally the part of the website of the exchange where you can see the price chart of a specific digital currency and what its present price is. There are generally also purchase and sell boxes, where you can easily place orders with respect to the associated crypto, and, at most platforms, you can also see the order history.
Trading Fees
Every time someone places an order, the exchange charges them a trading fee. The trading charge is generally a percentage of the total value of the trade order. At Bitay exchange, they are divided between takers and makers.
Bitay charges 0.28% for each trade. These taker fees are higher in comparison to the global industry averages for centralized crypto exchanges. Industry averages have historically been nearly 0.20-0.25% but we currently see new industry averages developing around 0.10%-0.15%. Regardless of whether you make a comparison with today’s sector averages or even historical industry averages, 0.28% is quite high.
Conclusion
Recently, there are plans for Bitay to enter Indian market. This Turkish crypto exchange has recently announced its plans to enter this country as a part of its regional expansion. Along with that, it also stated that it will follow the taxation policies of the government on digital currency in India.
