The largest crypto exchange in India opens an account with banking giant Kotak

Following the clean air around confusions of private crypto banning in India, it seems that a pro-crypto wave is going to head the Indian crypto market. TheCoinRise digs down to find that Kotak Bank has allowed WazirX, the biggest exchange in the country, to open an account for facilitating both credit and debit for traders on the exchange platform.

However, Kotak has a condition to allow WazirX to have an account only after the successful completion of formalities, including KYC and a thorough verification.

Kotak also has plans to get itself involved in local crypto trading if the Government of India permits so in the upcoming crypto law. The bank is already meeting several native crypto exchanges like Zebpay.

The Economic Times said:

“WazirX has opened an account with Kotak which can be used to receive and pay money to investors trading on the exchange. The account is yet to become operational. Paperwork, KYC, and some testing are on.”

The crypto market in India looks promising

The government of India looks highly positive towards crypto and the underlying technologies. The officials recently met crypto enthusiasts to discuss the potential the market has, and prime minister Narendra Modi called democratic countries to join hands to regulate the market.

After Kotak’s recent actions, there is a hope of other primary banks in India joining the pro-crypto evolution. Notably, under the speculations of a total ban and ongoing regulatory issues around the crypto market, several financial institutions stopped all crypto operations.

Big names like State Bank of India and HDFC Bank declared an absolute suspension of any crypto-related payments through their banks along with strong resistance from the Reserve Bank of India (RBI), which has a long history of being anti-crypto.

However, tables may turn soon for the crypto industry in the country as the financial minister Nirmala Sitharaman said that India will regulate not ban crypto.