Cryptocurrency exchange OKEx is making a push to enter the Indian market, despite the uncertainty surrounding crypto regulations in the country.
The exchange has announced a partnership with local platform CoinDCX to launch a crypto futures product in India. The company said:
OKEx will be taking a bigger step into the Indian crypto scene in a bid to enable more liquidity using its comprehensive expertise in developing top-notch futures.
The partnership will boost CoinDCX’s crypto futures product, called DCXfutures, which allows users trade futures contracts with about 15x leverage on selected cryptos. Users will also be able to trade perpetual futures contracts with BTC and ETH, according to the company.
Maker fees will account for about 0.2% at the launch of DCXfutures, according to CoinDCX. The service will be offered on a by-invitation status for now, but once it’s available to the public, users will be able to access DCXfutures from a single wallet from Q2 2020.
OKEx India head Zac Zou said India’s market size could help increase cryptocurrency adoption: “As one of the largest economies in the world, India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem.”
Over the past few years, there has been uncertainties surrounding crypto regulations in India. In December 2013, the RBI warned users of the risk involved in trading digital currencies.
In 2017, the nation’s ministry of finance said cryptocurrencies pose a heightened risk of an investment bubble, drawing similarities to the type seen in Ponzi schemes and noting that a sudden and prolonged crash would harm investors.