The current uncertainty around crypto regulation in India does not prevent domestic crypto companies from launching global offerings.
Indian cryptocurrency exchange CoinDCX is preparing to move forward with its global crypto-to-crypto trading platform, dubbed Cosmex, in 2022, according to a senior company executive.
Ramalingam Subramanian, head of brand, marketing and communications at CoinDCX, told Cointelegraph that CoinDCX has significant ambitions regarding the global expansion of the exchange, as its next platform will target a global audience.
The signature initially Announced the development of Cosmex in February 2021, planning to expand CoinDCX’s footprint to global markets amid growing global demand and acceptance for cryptocurrencies.
According to Subramanian, the Cosmex launch will occur “probably next year” and will initially launch in Western Europe and Southeast Asia.
Cosmex “has nothing to do specifically with what is happening in India,” Subramanian emphasized, adding that the platform seeks to respond to the “huge demand” for crypto services outside of India. He added that CoinDCX is unwilling to increase speculation about regulatory uncertainty in India by discussing scenarios where Indian regulators take a tougher stance on the industry.
Related: India’s Crypto Unicorn CoinDCX Has No Immediate Plans for IPO
Subramanian noted that CoinDCX’s main platform is “focused on India in general” and has restrictions for certain countries.
After lifting a major ban on crypto services in 2020, Indian authorities have been considering further restrictions for the industry. However, experts are confident that the Indian government would likely choose to regulate rather than ban its burgeoning crypto economy.