Bitmex exchange Launched Spot Crypto Trading in India

India has been one of the countries where crypto is not getting what it deserves and there have been many discussions about it. Most of us are aware that crypto is in a neutral state in India which means neither it's illegal nor legal. One can buy and hold crypto as long as they want they will have to pay 30% tax from the income generated through crypto. India seems to be a good crypto market for international exchanges and even coinbase had started its operations in India however there were some issues from the payment side and they stopped it for now.

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While this chaos is still going on, another exchange called BitMEX has started spot trading in India. It's really interesting to see how this exchange has planned to operate because even existing Indian exchanges are struggling with trading volume. All this has started with the implementation of 30% tax from 1st April and since this rate is high so many investors have moved to long-term holding. Although BitMEX has started trading only on crypto to crypto model and not like coinbase which started to trade using fiat. Some other exchanges like Binance. Bittrex etc is still providing crypto to the crypto trade however Binance also has a p2p option.

"India is one of the most active hubs globally for crypto adoption and not just from a trading perspective, but we are seeing a lot of activity in terms of project development, project rollouts, and actual infrastructural projects within the ecosystem. India is ranked second in the global crypto adoption index. Given its demography and tech capabilities, India is just impossible to ignore," Jenia Mikhalchenko, vice-president of spot exchange at Bitmex,

India did pretty during the bull run time and there was significant growth in terms of new users onboarding as well as trading volume but because of recent tax and TDS policies, things are getting difficult. There are many discussions going on and recently RBI has shared a statement that is not crypto-friendly. I am going through this and will share more updates on this soon.

BitMEX was founded in 2014 and is a growing crypto exchange. They have good experience in the space since they are here for a long so we can expect that they have gone through all the possible challenges and the current crypto situation in India and what are their plans to deal with this. Having more exchanges is always good for users but we also need a positive environment where we can trade with ease and there should be no hassle at all.

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While tax is one of the problematic areas but the banking system is also creating difficulties here. Banks are not supporting the crypto ecosystem and this is why deposits and withdrawals are affected. India is one of the countries where the majority of crypto investment happens with fiat and now when we don't have easy fiat support then it's surely going to affect the overall ecosystem.

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