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CoinDCX, India’s first digital currency unicorn, has listed the BSV token for trading on its platform, allowing users to have more ways to buy, sell and trade BSV.
With CoinDCX’s over 15 million registered users, the listing marks a significant expansion into the Indian market for BSV and demonstrates its potential and possibility in the region.
“The Indian market is highly significant in the crypto-asset industry, and we are thrilled to enter this market with a leader like CoinDCX,” Shawn Ryan, Outreach director for BSV blockchain, said in a statement.
Digital currency exchange Orange Gateway, which aims to provide a fair marketplace for spot trading of digital currency assets, has also listed the BSV blockchain token.
“These listings are just a few of many planned for the second half of 2024, meaning that more people will have access to the BSV token in the coming months. This comes at a time when the BSV blockchain has reached a level of scalability that shows it is ready for global adoption,” Ryan added.
Although India has not put an outright ban on digital assets trading, the South Asian powerhouse imposes a rigid taxation on the sector—a 30% flat tax on all digital currency income with no provision to offset losses and a 1% tax deducted at source (TDS) on all transactions above Indian Rupee 10,000 ($120). Still, Indian and global digital asset exchanges are finding ways to improve users’ trading experience while complying with new regulatory demands, as the nation’s strong economic projections and commitment to emerging technologies lure investors and businesses.
CoinDCX goes global with BitOasis acquisition
CoinDCX announced that it has acquired BitOasis, the leading digital assets trading platform in the Middle East and North Africa (MENA). This marks CoinDCX’s first step in its international expansion plan. Last August, CoinDCX made a strategic investment in BitOasis.
BitOasis’ brand and leadership team will remain unchanged after the acquisition, CoinDCX said. BitOasis has recently secured a new licence from the Central Bank of Bahrain (CBB), further solidifying its presence in the region. BitOasis may operate as a broker-dealer in accordance with the permissions granted to it under its Virtual Assets Regulatory Authority (VARA) issued MVP Operational Licence.
“BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021, and the company has maintained strong, constructive, and proactive relationships with regulators across the region since its launch,” said Sumit Gupta, Co-Founder of CoinDCX.
“BitOasis’ licences in Bahrain and the UAE reflect its longstanding and uncompromising commitment to operating within established regulatory frameworks. Joining forces with BitOasis, a platform available in 15 countries across the region, aligns perfectly with our vision. Last year, we strategically invested in BitOasis to bolster its regional presence. Now, with this acquisition, we’re poised to establish an even more formidable foothold across the MENA region, catering to a diverse range of retail and institutional clients,” Gupta added.
CoinDCX said it offers access to over 500 “crypto assets” and has been facilitating an average quarterly trading volume exceeding $840 million in spot in 2024. The exchange has also registered with India’s Financial Intelligence Unit (FIU)—the nation’s anti-money laundering agency—as part of its effort to comply with local regulations.
BitOasis, founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, is a popular platform for retail, institutional and high-net-worth individuals across the GCC and the broader MENA region to buy, sell and hold over 60 tokens with fiat currencies such as AED, SAR and USD. Since its inception, the company said it has processed over $6 billion in trading volume and raised more than $40 million in funding from leading regional and global investors.
Watch: ‘Disruptive’ blockchain can be useful for India
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