First on December 6 The Economic Times of IndiaAccording to the news in ; WazirX has reached an agreement with Kotak, India’s 3rd largest bank by assets.
According to the report, Indian citizens will now be able to buy and sell cryptocurrencies directly through a bank. The account of WazirX, which has opened an account in the bank, to be used to carry out transactions on the stock market, has not yet become operational. Documentation processes, KYC and some tests are reported to be ongoing.
Ramesh Kailasam, CEO of IndiaTech.org, spoke on the subject:
Customer due diligence is required. For starters, extensive KYC and anti-money laundering (AML) checks will be done. Additionally, they have to do the Financing of Terrorism (CFT) reviews.
said.
For some analysts, the WazirX-Kotak relationship is interpreted as a waning of regulators’ anti-crypto stance. The Indian government is gearing up to discuss cryptocurrency legislation during the ongoing winter parliamentary session. According to some comments, it is claimed that the government is trying to introduce a regulation rather than a general ban on cryptocurrencies.