KuCoin CEO believes that India has massive potential in the crypto sector

Given the regulatory uncertainties and bear market, many top-tier cryptocurrency exchanges have given up on India, but KuCoin CEO Johnny Lyu is optimistic about the long-term prospects of the local sector. He highlighted “a welcoming market” and the accessibility of “expertise” as the two main factors contributing to his optimism regarding the state of the Indian cryptocurrency market.

During a recent interview with Indianexpress.com, Lyu said that he imagines the bright future of the crypto world “via the long run funding and infrastructure development of KuCoin within the Indian market the expansion of the Indian market is worth looking forward to.”

Notably, the Indian investors are dealing with a heavy tax rule by the Indian government that imposes a 30% tax on earnings made by digital asset investing. However, Lyu thinks that the introduction of 1% TDS (tax deduction at source) on crypto transactions by the government indicates its attitude toward regulating the space.

KuCoin dismisses insolvency rumors

Notably, KuCoin caught headlines in the past few weeks after the rumors around its insolvency issues. However, Lyu dismissed them right away at the time.

He does, however, have a strong message for people who promote false accusations. According to Lyu, these individuals should be held accountable for the damage they have caused.

He added that in the Web 3.0 era, there will be more accountability for spreading rumors and appropriate punishment for such actions because the “accountability mechanism within the Web 2.0 period isn’t mature enough and the costs of spreading rumors are very low.”

In the first half of 2022, KuCoin added an “enormous quantity” of 5.6 million new customers from India, which it believes to be a significant market. Indian customers have risen dramatically over the same period last year, by a whopping 1,251%. Additionally, the exchange has employed locals and participated in several local projects like Chingari.

Notably, not only KuCoin but crypto exchange giant Coinbase has also expressed its views on the massive opportunities for crypto companies in India. In November, it minted its plans to expand in India after acquiring a startup company Agara to handle the task.