Coinbase，Kucoin和现在进入该国的Binance可能会占有很大的市场份额，但国内参与者似乎并不担心。

印度的加密空间正在加热。 Binance，Kucoin和现在进入该国的Coinbase可能会占有很大的市场份额，但国内参与者似乎并不担心。

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.

印度的加密货币空间正在加热Binance，Kucoin和现在进入该国的Coinbase。尽管外交交易所可能会占有很大的市场份额，但CoinSwitch，Coindcx和Mudrex等国内参与者周三表示，更多的竞争只会提高服务和产品的质量。

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在纳斯达克股票上的市值接近500亿美元，并在今年晚些时候将其加密货币交易服务卷土重来。在以前在该国短暂的工作中，该交易所与印度银行监管机构储备银行（RBI）和UPI遇到了麻烦。

“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.

“印度是世界上增长最快的主要经济体，是零售和机构投资者扩大基础的所在地。这为全球金融公司（尤其是在兴趣增长的加密货币）提供了一个重要的机会。更多的竞争，更多的产品，可以为用户提供更好的产品。这对印度加密货币行业来说非常有用。” Coinswitch联合创始人Ashish Singhal说。

“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.

“也就是说，我们认为印度的金融生态系统在一个独特的监管框架内运作，不断发展税收政策，并经常面临挑战。我们专注于导航这些复杂性，为印度加密使用者提供无缝和最佳的体验。”他补充说。

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.

尽管印度的加密市场仍然非常新生，并且缺乏法规，但美国总统唐纳德·特朗普（Donald Trump）的亲克莱托普（Crypto）政策已经开始改变情绪，尤其是对印度的情绪，尤其是印度，占世界加密货币开发商的近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”.

上周，Coindcx在MoneyControl全球峰会上发表讲话Sumit Gupta表示，印度加密货币交易所不仅可以生存，而且还会赢得胜利，因为来自全球同行的加强竞争将“创造市场”。

“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.

“让他们设置领域。但是最终，在该系统中，印度国内球员在5 - 10年的比赛中将扮演重要角色。我确实认为，这将最终成为一个受严格监管的行业。当法规存在时，操作并不容易。古普塔说：“只有长期认真的球员本质上才能赢得市场。”

“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.”

“如果您看金融部门，印度的哪家外国公司能够拥有大量的市场？没有任何。外国银行在印度没有幸存下来。像Revolut这样的金融科技玩家都没有能够在印度获得重要的业务。唯一的例外是像Google Pay这样的公司，它具有一定的存在，并且由于印度的角度很多。”

“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的联合创始人Edul Patel说：“从一个小市场变成一个非常大的市场所需的是，更多的球员进来了，当他们更加清晰，这正是我们所看到的。”

Disrupting domestic exchanges

破坏国内交流

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，分析师一致表示，国内交流将在全球球员在印度金融情报部门注册的情况下进行。他们说，这将杀死国内球员。

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的创始人兼Blue Aster Capital的首席执行官Sidharth Sogani说：“像Coinbase这样的大型参与者进入印度是很好的。它将为市场带来更多的流动性。 ...印度将是一个非常有趣的市场。一旦我们拥有监管机构，印度将成为一个好的市场。”

“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.

“大多数国内交流都从海外获取加密货币，必须支付溢价，并且在向印度用户出售加密货币的同时，他们保持了更高的利润率。诸如Coinbase之类的国际较大的交流降低了这一成本，并为印度用户提供了更便宜的加密货币，因为他们拥有自己的储备。”他补充说。索加尼（Sogani）分享说，与全球交易所相比，大多数加密代币的印度交易所以3-5％的溢价交易。

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

Bitinning的创始人Kashif Raza认为，由于缺乏监管框架，印度的交流仍然缺乏针对全球同行的公平竞争环境。

"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.

他说：“ FIU注册只是一个起点。出于外交交流和印度交流的利益，在注册后对印度设立办事处的外交交流并为他们提供了更明确的税收，GST和TDS的清晰度，这将是很棒的。”