This Turkish Crypto Exchange Plans To Foray Into The Indian Market; Welcomes 30% Tax, 1% TDS Rule

Bitay, which already has 1 million users, has already set up its office in Gurgaon, India.

The latest data from Chainalysis showed that India ranked second among the biggest users of cryptocurrency in the world in October 2021. The report also pointed out that the Indian crypto market grew by 641% in June 2021.


Bitay has announced plans to reach Indians between the ages of 21 and 35 residing in cities like Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur and Lucknow.

Niyazi Yilmaz, CEO of Bitay, said, “We are delighted to mark our presence in India with full knowledge of the current state of cryptocurrency legal and regulatory guidelines in the country. Keeping in mind the immense growth opportunities in the crypto industry, we gladly accept and welcome the government tax of 30% on income from cryptocurrencies and 1% TDS which will be applicable from July. We plan to directly or indirectly reach Indian traders and investors and communicate our offers to them through our campaigns. By joining our platform, the first users will receive an Airdrop from Bitay, once they complete their KYC on our platform.”

Yilmaz further added, “We would like to target tech-savvy and hyper-connected millennials who make up 30% of the country’s overall population and contribute 38% of the country’s total gross income. Our passionate team will customize and personalize all of our rewards. offers by leveraging state-of-the-art technology. We also want to introduce value added loyalty programs to appreciate our valued customers.

Apart from India, Bitay is also aiming to expand its footprint in other countries including the United States, England, the Netherlands, and Estonia given the vast opportunities for cryptocurrency business in these places.

Currently, Bitay has licenses in 12 states in the United States. Based in Istanbul, Turkey, Bitay is an exchange platform that allows its users to buy and sell crypto assets quickly, securely, and conveniently using the latest trading systems.

With security remaining one of the primary concerns in digital asset exchanges, ISO/IEC 27001 and ISO 9001 certified Bitays have been built with the highest technical security standards available. It stores client assets in cold storage like hardware wallets on paper wallets and computers without an internet connection.

After achieving unprecedented growth and success in the Turkish market, Bitay now intends to have a strong footprint in India as the place holds the phenomenal potential to become one of the biggest crypto markets. currency, supported by the development of the Indian economy and interests in cryptocurrency. by new generation users.

Apart from crypto exchange business, Bitay has created a stable ecosystem by creating initiatives and products such as Bitay NFT Platform, Bitay Visa Card, Bitay Game, and Bitay Academy.

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This Turkish Crypto Exchange Plans To Foray Into The Indian Market; Welcomes 30% Tax, 1% TDS Rule

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