Q) Do you think that crypto has a future in countries like India where regulators are not in favour of digital currencies?
As a company, we firmly believe that having regulations is far better than having none at all. Recently, I’ve had the opportunity to engage with some regulators in India, as compliance is a key priority for us. Binance has recently secured registration to operate in India and we are looking forward to getting ours from authorities.
India, in fact, stands ahead of many other major economies like the US or China, where either crypto is outright banned or faces significant restrictions. While Bitget is still a small player in the Indian market, we are committed to growing responsibly by working closely with regulators to ensure full compliance.
The safety and security of customer assets, along with preventing fraud and money laundering, are top priorities for both regulators and companies like ours. We believe that with open dialogue and collaboration, it’s possible to build a regulatory framework that not only ensures safety but also fosters innovation in the crypto space.
India holds immense potential for crypto, and we’re excited to be part of this journey, ensuring that we serve the Indian customer in the best and safest way possible.
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Q. What are Bitget’s plans in India?India is a key market for us, both in terms of talent and operations. We are actively setting up a local office and hiring the necessary team members, including legal and operational staff, to ensure compliance and efficient operations. Our goal is to establish a strong local presence, moving beyond a globally managed front-facing approach to a more localised operation.
India, with its vast population of 1.4 billion people, presents a massive opportunity. Currently, we serve 45 million users globally, so there’s significant potential for growth here. This means not only expanding our services but also investing in more manpower and infrastructure to cater to the Indian market effectively.
Initially, we plan to leverage builders and interns to establish our presence in various markets. Over time, as we grow and understand the market better, we’ll expand to a full-time team to manage operations locally. However, our hiring and investment trajectory will depend heavily on how the market evolves. All large players are registered themselves in India and competition will be fierce.
Crypto markets are inherently cyclical, and factors like the duration of the current bullish cycle or the onset of another crypto winter could significantly influence our growth plans. That said, with rising competition among global players aiming for a foothold in India, we are committed to making a strong entry and adapting to the dynamics of this promising market.
Q. How many users do you currently have in India?
At the moment, we have around 65,000 users in India. This number has remained relatively modest because we have not actively operated in the market until recently. Additionally, due to the licensing process, we temporarily paused onboarding Indian users.
However, once we secure the necessary approvals and ensure compliance, we are prepared to begin onboarding Indian users again. Our timeline for fully operationalising in India depends on the compliance green light, but we are making significant progress in our discussions. Ideally, we aim to start operations before the end of the year, and we are already in the process of setting up a local office, which should be functional before the new year.
By the first quarter of next year, we expect to be in a strong position to expand our presence and serve Indian users more effectively.
Q. Rules for crypto assets remain inconsistent across the world. French lawmakers are debating a tax on unrealised capital gains for cryptocurrencies. What are your thoughts on this?
The approach of taxing unrealised gains is definitely controversial and, in my opinion, flawed. It reminds me of how regulators handled data privacy after the Facebook-Cambridge Analytica scandal. Before that, there were no significant regulations around user data, but post-scandal, Europe introduced GDPR. While well-intentioned, it ended up being more about creating layers of compliance than truly solving the root issues of data misuse. Similarly, I fear that crypto regulations could become more about revenue generation or control than serving the best interests of end-users or fostering innovation.
In Europe, unfortunately, crypto holders and companies are increasingly seen as cash cows. We’ve seen examples like the UK introducing a 36% capital gains tax, and now discussions about taxing unrealised gains in France. This approach feels inconsistent with broader financial practices. For instance, in the stock market, you wouldn’t tax Elon Musk or other major investors for their unrealised gains—taxation applies only when gains are realised. It should be no different for crypto assets.
Additionally, taxing during a bull run without considering the cyclical nature of the market is short-sighted. Crypto markets are notoriously volatile; if governments want to tax gains during a rally, will they also refund or compensate investors for losses during a downturn? Such policies lack balance and could discourage participation in the crypto ecosystem.
That said, regulators are not entirely unaware—they understand that crypto markets are cyclical and see the bull runs as opportunities to generate revenue quickly. But for a sustainable crypto economy, we need balanced and fair regulations that promote growth and innovation while protecting stakeholders, not just opportunistic tax policies.
Q. Do you think the election of President Trump could be a turning point for crypto?
I hope it is, he is a business and he can smell money. The election of President Trump could indeed mark a significant moment for the crypto industry, potentially signalling a shift in how the United States approaches this space. While his recent comments on BRICS and their plans for a new currency highlight his concerns over the US dollar’s dominance, this very anxiety could push him to view cryptocurrencies like Bitcoin as strategic assets to reinforce the United States’ position on the global financial stage.
Trump, being a businessman, may recognise the opportunity that cryptocurrencies offer. For instance, the US government could theoretically use its ability to print dollars to acquire Bitcoin or other assets, reinforcing its stake in the crypto ecosystem. This would not only elevate the market but also re-establish the US as a leader in the space, which has seen a significant exodus of crypto companies over the past few years due to regulatory challenges.
The US’s strict regulatory environment has driven major crypto players to relocate to regions like the Middle East and Asia. Events like Consensus, once a cornerstone of the crypto industry, have shifted to Hong Kong, underscoring how the US is losing its foothold in the global crypto landscape. A Trump administration might reverse this trend by adopting a more business-friendly and strategic stance.
That said, while Trump might create opportunities for the crypto industry, he is also likely to see cryptocurrencies as a potential revenue stream for the government. Increased taxes on crypto gains could be a part of his approach to demonstrate economic benefits for the American people.
Overall, Trump’s presidency could bring both opportunities and challenges, but it has the potential to realign the US’s position in the global crypto market.
Q. Why are Dubai and UAE becoming crypto hubs?
Dubai has become a significant hub for the crypto industry, and several factors contribute to this shift.
First, Dubai’s zero-tax policy, especially on personal gains, is a major attraction for entrepreneurs and investors. For many, it offers a more favourable environment compared to the heavy taxation in regions like Europe, the UK, or India. This financial advantage is a key driver for businesses and individuals relocating there.
Second, Dubai has positioned itself as an entrepreneurial hub, with a strong influx of venture capital and investment opportunities. While the UAE may not rank among the top 10 or 20 economies for retail crypto adoption or payment use, its entrepreneurial ecosystem makes it a “hot heart” for innovation. For example, we’re seeing oil companies in the region start leveraging crypto, particularly USDT transfers, for fast, cost-effective transactions that bypass the traditional banking system.
Another significant factor is the UAE government’s progressive stance on crypto. They’ve been open to embracing it as a legitimate form of payment, including legalising salary payments in crypto. This openness, combined with the ease of setting up a business in Dubai, where licensing and compliance take as little as four to six months, makes it a highly attractive destination for crypto ventures.
In contrast, other regions like Europe, the US, or even India have more complex regulatory frameworks, making it harder to set up and operate a compliant crypto business. Dubai’s straightforward and proactive approach to regulation has given it a significant competitive edge.
Finally, there’s an underlying concern among Indian crypto users about the safety of their investments, given the uncertainty in regulatory policies. This has driven many Indian crypto players to consider Dubai as a safer and more stable alternative for operations and investments.
Q. After the WazirX hack, Indian investors have been increasingly doubtful about the safety of their money in Indian exchanges. What safety measures does your exchange have in place?
Operating at a global level allows us to implement diverse safety protocols and maintain broader liquidity pools, making it much harder for a single breach to compromise the system. Additionally, we’ve established one of the largest Protection Funds in the crypto industry, valued at approximately $600 million. This fund, primarily held in Bitcoin, is stored in publicly accessible wallets, ensuring complete transparency. Users can verify the fund’s existence and availability at any time.
The Protection Fund acts as a safety net for our customers. In the rare event of technical issues or if funds are lost due to an exchange error, we use this fund to compensate users. This level of assurance is something most local exchanges cannot offer, as maintaining such substantial reserves requires significant resources and operational scale.
Another layer of safety comes from reduced market volatility. Global exchanges like ours benefit from larger liquidity pools and advanced market-making capabilities, ensuring more stable prices and minimising risks like arbitrage or price swings, which are common on smaller, localised platforms.
Q. Bitcoin touched $100,000 recently. How long do you think this bull run will last?
Ideally, I hope this bull run lasts longer than we anticipate. Based on my personal predictions, we have seen Bitcoin hit $100,000. It could potentially pull back to around $70,000, and then make another surge to $150,000 before the cycle ends. However, several factors will influence the duration and strength of this bull run.
A significant driver will be what happens after President Trump’s inauguration in January and how the US government manages its monetary policy. If there’s an increase in liquidity, with more dollars entering the system, we could see greater investments in Bitcoin, especially from institutional players. Additionally, the performance of the US economy and unemployment rates could push ETF holders like BlackRock and others to channel more funds into Bitcoin-focused ETFs, adding further momentum.
Outside of the US, global developments are also playing a crucial role. In Russia, for example, recent legislation recognises crypto as property and allows payments in crypto. Such regulatory shifts could drive more capital into the market. Similarly, Apple’s recent collaboration with Ripple to enable crypto payments through Apple Pay could be a game changer. If Apple leads the way, other major mobile players are likely to follow, bringing more retail users into the crypto ecosystem.
If these developments unfold back-to-back in the first half of the next year, we could see the bull run extend, potentially onboarding the next billion users into crypto. However, this optimism is tempered by the unpredictability of global events. Factors like Trump’s age and health, or geopolitical uncertainties such as wars, could disrupt the momentum.
Ultimately, this bull run represents an exciting time for the mainstream adoption of crypto, but its length and impact will depend on how these factors align in the coming months.
Q.: A lot of Indian crypto investors have lost money after investing in dubious tokens. How do crypto invest safely in alt coins?
I want to be very frank—it’s not just altcoins and meme coins; schemes like MLM structures, lotteries, and fortune games are extremely popular in India. It’s no secret why: there’s a high concentration of people looking to get rich quickly, and these promises appeal to that mindset. The narrative of someone putting $100 into something and becoming a millionaire overnight is incredibly alluring. But honestly, it’s not a trading strategy or an investment strategy. It’s about chasing a fortune, often driven by hope.
Many times, these individuals are putting in their last $20 or $30, and it creates a chain reaction. It’s often friends or family who start with $100, double it to $200, then decide to put in $400 to make it $800—and so on. This pattern is common in almost all developing economies, especially where a significant portion of the population lives around the poverty line. That’s what makes these schemes thrive.
It’s interesting how these schemes manage to attract people to come and play around. Unfortunately, this often turns into more of a gambling mindset—throwing money into something without any understanding or proper research. It’s one of the most unfortunate aspects of this space.
We’ve seen this happen with cases like OneCoin and other big MLM-style structures. Most of these schemes don’t even have anything to do with the actual crypto industry or blockchain technology. They simply ride on the narrative that everyone hears in the media about Bitcoin and crypto. Then, someone comes up with a “new crypto” that promises to make people rich overnight, and individuals end up investing whatever little they have, driven by hope for a better future. It’s a cycle of misplaced trust and a lack of awareness.
Q. Critics of crypto argue that it lacks practical use cases and real utility, dismissing it as mere speculative asset. What’s your perspective on this?
I think most projects, especially these meme tokens, have zero utility—and they don’t even claim to have any. They aim to be more of a cultural moment, and honestly, I agree that it’s a very Gen Z phenomenon. Whether we like it or not, most jobs and wealth in the world are still held by Boomers. Lifespans are getting longer, these people aren’t retiring, and that leaves fewer opportunities for Gen Z. Buying a home, for example, is nearly impossible for anyone starting out today on an entry-level salary.
So, it makes sense that everyone’s looking for a way to make money. For Gen Z, meme tokens often feel like the only shot at becoming a millionaire. For many young people, achieving that kind of wealth through a corporate job is practically impossible, so I understand why they’re drawn to these tokens.
That said, as someone who’s been in the tech industry for seven or eight years, I strongly believe that having real utility is crucial. But if we’re being honest, even Bitcoin has limited utility when you look closely. Bitcoin transactions are so expensive now that they’re impractical for everyday use—like buying coffee—unless you use sidechains. In that sense, Bitcoin itself doesn’t have much utility either, except as a store of value. Its value today comes largely from institutional adoption and ETFs, which have cemented its role as a medium of exchange.
But we can say the same about global fiat currencies. They’re issued by central banks, and we trust them because of consensus. Yet they’re far from infallible—currencies get devalued all the time, governments wipe zeros off the end, and inflation erodes their worth. At the end of the day, it all runs on a consensus mechanism.
So, if there’s a larger consensus around something—whether it’s Bitcoin, a meme token, or even fiat currency—then why not? That’s just how value works in any system.
Q: What will be the role of crypto in post-AI world?
I think there are two key aspects to consider. First, blockchain as a technology has immense potential for AI. One of AI’s biggest challenges today is the need to distinguish between human-created data and AI-generated data. This often leads to messy and blurred distinctions. In the future, I believe blockchain can play a crucial role by ensuring that any information created by humans is stored on-chain to verify its authenticity. Similarly, putting AI-generated data on-chain will help machines differentiate between human-created and AI-created content, maintaining clarity about what constitutes original data. This makes blockchain an essential infrastructure for the AI industry.
On the other hand, if we consider the current hype around crypto and AI, it’s clear that AI has gained significant traction. For instance, OpenAI recently raised $6.6 billion—one of the largest fundraises we’ve ever seen. By comparison, the blockchain industry hasn’t seen anything on that scale. AI’s widespread applications in daily life are largely uncontroversial, as it helps large corporations and enhances efficiency without challenging the status quo. In contrast, crypto has always been positioned as a disruptor, particularly in traditional financial systems, which is why it has faced more resistance and regulatory hurdles.
Looking ahead, I believe AI and crypto can coexist without conflicting. We’re already seeing more companies treat crypto as just another payment option, similar to Apple Pay or Samsung Pay. Visa, Mastercard, and bank transfers coexist with crypto-backed solutions like Bitget Cards, which I’m particularly proud of. These cards are crypto-backed but work seamlessly on Visa’s processing network, showing how crypto can integrate with existing systems instead of trying to replace them entirely.
Sometimes, building on what already exists is a better approach than attempting to destroy and rebuild everything from scratch. This way, we can innovate while keeping the system familiar and functional for everyone.
