Kraken, which is a major cryptocurrency exchange that is based in Canada, has announced that it will be expanding into the Indian crypto market following the removal of the crypto banking ban.
Essentially, the Reserve Bank of India (RBI), which is the Central Bank of India, banned all banks from offering services to crypto-related businesses. This caused practically all centralized crypto exchanges in India to shut down or flee the country.
The Indian Supreme Court has recently lifted this crypto banking ban, however, opening the doors for centralized crypto exchanges to come back to the country.
It appears Kraken is making a move to become the first big exchange to come back to India following the removal of the crypto banking ban, which seems like a prudent move since at this time there is no major centralized crypto exchanges in India, and therefore there are wide open pastures for any big crypto exchange which sets up shop in India.
Aside from the fact that crypto exchanges like Kraken now have a chance to flourish in India, the re-entry of India back into the mainstream crypto market has the potential to significantly increase crypto adoption and demand, since India has a population of over 1.3 billion people, which is over 4 times more people than the United States.