According to a local media report, Bitay's CEO Niyazi Yilmaz said that they intend to fully comply with every Indian crypto regulation including complying with the 30 percent income tax and 1 percent TDS on crypto transactions.
“We plan to reach out to Indian traders and investors 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 Know Your Customer (KYC) on our platform. We aim to target the millennials who comprise 30% of the country’s overall population and contribute to 38% of the nation’s total gross income. Our team will customize and personalize all our rewarding offerings by leveraging cutting-edge technology. We also want to introduce loyalty programs for our customers,” he added.
The crypto exchange has already set up its office in Gurugram and will operate under 'Bitay India'. Apart from India, Bitay’s expansion plans also include countries such as the USA, England, the Netherlands, and Estonia and claim to have licenses in 12 states in the United States.
Operating Beyond a Crypto Exchange
Apart from the crypto exchange, Bitay has also launched other products in the industry including an NFT platform, crypto Visa Card, Web3 gaming, and a crypto educational platform. Launched in late 2019, Bitay boasts 30,000 daily active traders and a user base of more than 750,000 KYC-verified users with an average daily trading volume of $250 million.