This Turkish crypto exchange plans to foray in Indian market; welcomes 30% tax, 1% TDS rule | Mint – Mint

This Turkish crypto exchange plans to foray in Indian market; welcomes 30% tax, 1% TDS rule | Mint – Mint

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Home / Companies / News /  This Turkish crypto exchange plans to foray in Indian market; welcomes 30% tax, 1% TDS rule

Bitay also accepts and welcomes India's crypto tax rules. (HT_PRINT)Premium
Bitay also accepts and welcomes India’s crypto tax rules. (HT_PRINT)

2 min read . Updated: 11 Jun 2022, 05:05 PM IST Livemint

  • Bitay which has an existing user base of 1 million customers, has already set up its office in Gurgaon, India.
  • The exchange aims to reach out to the age group of 21 to 35 in major cities of the country.

Looking at the exponential boom in cryptocurrency in India, the leading Turkish Cryptocurrency exchange firm Bitay is planning to foray into the Indian market. Bitay also accepts and welcomes India’s crypto tax rules. The exchange aims to reach out to the age group of 21 to 35 in major cities of the country.

Bitay which has an existing user base of 1 million customers, has already set up its office in Gurgaon, India.

The latest Chainalysis data showed that India ranks the second-highest among the highest Cryptocurrency users globally as of October 2021. The report also highlighted that the Indian crypto market rose by a whopping 641% throughout June 2021.

Bitay announced its plan to reach out to Indians in the age bracket of 21 to 35 residing in cities like Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur, and Lucknow.

Niyazi Yilmaz, CEO, Bitay said, “We are excited to mark our presence in India with full knowledge of the current status of legal and regulatory guidelines of Cryptocurrency in the country. Keeping in mind the immense growth opportunities of the Crypto industry, we readily accept and welcome the Government’s 30% tax on income from Cryptocurrencies and 1% TDS to be applicable from July. We plan to reach out to Indian traders and investors directly or indirectly 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 KYC on our platform.”

Yilmaz further added, “We would like to target the tech-savvy and hyper-connected millennials who comprise 30% of the country’s overall population and contribute to 38% of the nation’s total gross income. Our passionate team will customize and personalize all our rewarding offerings by leveraging cutting-edge technology. We also want to introduce value-added loyalty programs to appreciate our valued customers.”

Apart from India, Bitay also aims to expand its footprint in other countries, including the USA, England, the Netherlands, and Estonia, considering the vast possibilities of Cryptocurrency activities in these places.

At present, Bitay has licenses in 12 states of the USA. Headquartered in Istanbul, Turkey, Bitay is an exchange platform that enables its users to purchase and sell crypto assets quickly, securely, and conveniently through the latest technology trade systems.

As security remains one of the main concerns in digital asset exchanges, the ISO/IEC 27001 and ISO 9001-certified Bitay have been built with the highest technical security standards available. It stores the customer assets in cold storage like hardware wallets over paper wallets and computers without an internet connection.

After achieving unparalleled growth and success in the Turkish market, Bitay now intends to have a strong footprint in India as the place holds the phenomenal potential to become one of the largest markets for Cryptocurrency, backed by the development of the Indian economy and interests in Cryptocurrency by new-generation users. 

Besides crypto exchange activities, Bitay has created a stable ecosystem by creating initiatives and products such as the Bitay NFT platform, Bitay Visa Card, Bitay Game and Bitay Academy.

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