The exchange has already set up an office in Gurgaon, India
Turkish cryptocurrency exchange firm Bitay has announced its plans to foray into the Indian market. The firm has already set up its office in Gurgaon, India.
According to Niyazi Yilmaz, CEO, Bitay, the firm is ready to accept and welcome the government’s 30% tax on income from cryptocurrencies and 1% tax deductible at source (TDS) to be applicable from July. “We plan to reach out to Indian traders and investors and communicate our offerings to them through our campaigns. Upon joining our platform, early users shall get an Airdrop from Bitay, once they complete their Know Your Customer (KYC) on our platform. We aim to target the millennials who comprise 30% of the country’s overall population and contribute to 38% of the nation’s total gross income. Our team will customise and personalise all our rewarding offerings by leveraging cutting-edge technology. We also want to introduce loyalty programs for our customers,” he added.
Bitay aims to set up its operations in other countries such as USA, England, Netherlands, and Estonia, and claims to have licenses in 12 states of the USA. Besides cryptocurrency exchange activities, Bitay claims to have created initiatives and products such as the Bitay NFT platform, Bitay Visa Card, Bitay Game and Bitay Academy.
An October 2021 report by Chainalysis stated that India ranks the second-highest among the highest cryptocurrency users globally. The report further highlighted that the Indian cryptocurrency market grew 641% throughout June 2021. Bitay aims to reach out to Indians in the age bracket of 21 to 35 residing in cities such as Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur, and Lucknow.
Headquartered in Istanbul, Turkey, Bitay is an exchange platform that enables its users to purchase and sell crypto assets through the technology trade systems. The platform claims to have the certifications of ISO/IEC 27001 and ISO 9001 for having technical security standards available. According to Bitay, it stores the customer assets in cold storage such as hardware wallets over paper wallets and computers without an internet connection.