Belfrics Group, a Malaysia-based crypto exchange, will resume its operations in India after a six-month hiatus. The company shut down its digital currency exchange earlier this year before the Reserve Bank of India officially announced a ban on banking companies, payment companies, and NBFCs supporting with crypto entities.

The company will begin its new operations starting with four prominent digital currencies: Ethereum, Ripple, Bitcoin Cash and Litecoin. Bitcoin, which is the world’s most widely traded digital asset, is surprisingly missing from the exchange. The exchange will introduce 20 more coins in the next few months.

Group COO Jabeer KM emphasized the importance of the Indian crypto market and said:

“India is a key market for us when it comes to crypto trading. With the launch of these new coins, we are targeting a base of at least 2,50,000 new traders on our platform by December 2018.”

The exchange has also released a dedicated app for live order-book trading for Altcoins, which provides a wide range of functionalities and tools for active traders. Chief Innovative Officer Santhosh Palavesh said that the Belfrics wallet can now be securely linked to the trader’s assets to provide a seamless experience for cryptocurrency transfers.

The new app is available for both iOS and Android users. The exchange believes that Indian investors will now move alongside the global crypto community.

According to the Reserve Bank of India, banking entities or any financial companies regulated by the central bank cannot deal with crypto entities in the country. The central bank gave a three-month window, which ended earlier this month but was later extended till July 5, to settle all their dues with such companies.

RBI Deputy Governor BP Kanungo noted that the rise of a crypto economy could bring financial instability in the county. Some crypto firms moved to the Supreme Court against the matter and it is, currently, sub judice.

Jabeer, however, is not fazed by the recent regulations. He said:

“We understand that the RBI has reservations on trading in cryptocurrencies and digital currencies. But we are confident that they will be coming up with their own set of regulations for this industry. From our end, we are making sure that Belfrics Group is ready with multiple options for our Indian customers when crypto trading becomes regularized.”

Despite RBI’s enthusiasm on allowing cryptos or regulating this sector, most Indian exchanges are still operational and offering crypto-to-crypto services.

Malaysian Crypto Company Belfrics Group Resumes Their Digital Currency Exchange in India was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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