Coinbase，Kucoin和現在進入該國的Binance可能會佔有很大的市場份額，但國內參與者似乎並不擔心。

印度的加密空間正在加熱。 Binance，Kucoin和現在進入該國的Coinbase可能會佔有很大的市場份額，但國內參與者似乎並不擔心。

Crypto space in India is heating up with Binance, KuCoin and now Coinbase entering the country. While the foreign exchanges may corner a significant market share, domestic players such as CoinSwitch, CoinDCX and Mudrex said on Wednesday that more competition will only improve the quality of services and products.

印度的加密貨幣空間正在加熱Binance，Kucoin和現在進入該國的Coinbase。儘管外交交易所可能會佔有很大的市場份額，但CoinSwitch，Coindcx和Mudrex等國內參與者周三表示，更多的競爭只會提高服務和產品的質量。

Coinbase, with a market cap of nearly $50 billion on Nasdaq, is eyeing its comeback to India with its crypto trading services later this year. During its previous short stint in the country, the exchange had run into troubles with the banking regulator Reserve Bank of India (RBI) and UPI.

Coinbase在納斯達克股票上的市值接近500億美元，並在今年晚些時候將其加密貨幣交易服務捲土重來。在以前在該國短暫的工作中，該交易所與印度銀行監管機構儲備銀行（RBI）和UPI遇到了麻煩。

“India, the world’s fastest-growing major economy, is home to an expanding base of retail and institutional investors. This presents a significant opportunity for global financial firms—especially in crypto, where interest is growing. More competition, more products, lead to better products serving users. This is great for the crypto industry in India,” Ashish Singhal, Co-founder, CoinSwitch said.

“印度是世界上增長最快的主要經濟體，是零售和機構投資者擴大基礎的所在地。這為全球金融公司（尤其是在興趣增長的加密貨幣）提供了一個重要的機會。更多的競爭，更多的產品，可以為用戶提供更好的產品。這對印度加密貨幣行業來說非常有用。” Coinswitch聯合創始人Ashish Singhal說。

“That said, we believe India’s financial ecosystem operates within a distinct regulatory framework, evolving tax policies and frequent consumer facing challenges. We’re focused on navigating these complexities to provide seamless and optimal experiences for Indian crypto users,” he added.

“也就是說，我們認為印度的金融生態系統在一個獨特的監管框架內運作，不斷發展稅收政策，並經常面臨挑戰。我們專注於導航這些複雜性，為印度加密使用者提供無縫和最佳的體驗。”他補充說。

While the crypto market in India is still very nascent and lacks regulations, US President Donald Trump pro-crypto policies have started to shift sentiments, especially towards India, which accounts for nearly 11.8 percent of the world’s crypto developers.

儘管印度的加密市場仍然非常新生，並且缺乏法規，但美國總統唐納德·特朗普（Donald Trump）的親克萊托普（Crypto）政策已經開始改變情緒，尤其是對印度的情緒，尤其是印度，佔世界加密貨幣開發商的近11.8％。

Last week, speaking at Moneycontrol Global Summit, Sumit Gupta, Co-founder, CoinDCX said that not only will Indian crypto exchanges survive but also win as the intensifying competition from global peers would “create the market”.

上週，Coindcx在MoneyControl全球峰會上發表講話Sumit Gupta表示，印度加密貨幣交易所不僅可以生存，而且還會贏得勝利，因為來自全球同行的加強競爭將“創造市場”。

“Let them set the field. But eventually, Indian domestic players 5-10 years down the line will have a dominant role to play in the system. I do believe that it's going to be a heavily regulated industry, eventually. And when regulations are there, then it's not easy to operate. Only the long-term seriously committed players essentially win the market,” Gupta said.

“讓他們設置領域。但是最終，在該系統中，印度國內球員在5 - 10年的比賽中將扮演重要角色。我確實認為，這將最終成為一個受嚴格監管的行業。當法規存在時，操作並不容易。古普塔說：“只有長期認真的球員本質上才能贏得市場。”

“If you look at the financial sector, which foreign company in India has been able to have a significant market presence? None. None of the foreign banks have survived in India. None of the fintech players like Revolut have been able to gain a significant presence in India. The only exception is a company like Google Pay which has some presence and that too because of a lot of India angle.”

“如果您看金融部門，印度的哪家外國公司能夠擁有大量的市場？沒有任何。外國銀行在印度沒有倖存下來。像Revolut這樣的金融科技玩家都沒有能夠在印度獲得重要的業務。唯一的例外是像Google Pay這樣的公司，它具有一定的存在，並且由於印度的角度很多。”

“What it takes to go from a small market to becoming a very large market is more players coming in and they come in when there is more clarity and that's exactly what we're seeing,” Edul Patel, Co-founder of Mudrex said.

Mudrex的聯合創始人Edul Patel說：“從一個小市場變成一個非常大的市場所需的是，更多的球員進來了，當他們更加清晰，這正是我們所看到的。”

Disrupting domestic exchanges

破壞國內交流

Analysts, however, have unanimously said that domestic exchanges would be on the backfoot with global players getting registered with the Financial Intelligence Unit – India. It would kill the domestic players, they said.

但是，分析師一致表示，國內交流將在全球球員在印度金融情報部門註冊的情況下進行。他們說，這將殺死國內球員。

Sidharth Sogani, Founder of CREBACO, a crypto research firm and CEO of Blue Aster Capital, a crypto hedge fund said, “It is good that a large player like Coinbase is entering India. It will bring more liquidity into the market. ... India will be a very interesting market. Once we have a regulator, India will be a good market.”

加密研究公司Crebaco的創始人兼Blue Aster Capital的首席執行官Sidharth Sogani說：“像Coinbase這樣的大型參與者進入印度是很好的。它將為市場帶來更多的流動性。 ...印度將是一個非常有趣的市場。一旦我們擁有監管機構，印度將成為一個好的市場。”

“Most domestic exchanges source their crypto from overseas and have to pay a premium and also they keep a higher profit margin while selling crypto to Indian users. International larger exchanges like Coinbase reduce this cost, and make crypto cheaper for Indian users, as they have their own reserves,” he added. Sogani shared that most crypto tokens are trading at a 3-5 percent premium on Indian exchanges as compared to the global ones.

“大多數國內交流都從海外獲取加密貨幣，必須支付溢價，並且在向印度用戶出售加密貨幣的同時，他們保持了更高的利潤率。諸如Coinbase之類的國際較大的交流降低了這一成本，並為印度用戶提供了更便宜的加密貨幣，因為他們擁有自己的儲備。”他補充說。索加尼（Sogani）分享說，與全球交易所相比，大多數加密代幣的印度交易所以3-5％的溢價交易。

Kashif Raza, founder of Bitinning, believes the Indian exchanges still lack a level playing field against global counterparts amid lack of regulatory frameworks.

Bitinning的創始人Kashif Raza認為，由於缺乏監管框架，印度的交流仍然缺乏針對全球同行的公平競爭環境。

"FIU registration is just a starting point. In the interest of foreign exchanges and Indian exchanges, it would have been great to give clarity to foreign exchanges to setup offices in India after registering and provide them more clarity on taxation, GST and TDS," he said.

他說：“ FIU註冊只是一個起點。出於外交交流和印度交流的利益，在註冊後對印度設立辦事處的外交交流並為他們提供了更明確的稅收，GST和TDS的清晰度，這將是很棒的。”