can i use huobi in india

Despite the Supreme Court overturning the RBI's crypto ban in 2020, Huobi's official entry into India remains uncertain due to an unclear regulatory framework.

Oct 28, 2024 at 08:11 am

Can I Use Huobi in India?

1. Current Regulatory Landscape

As of August 2022, cryptocurrency exchanges, including Huobi, were deemed illegal in India under the Reserve Bank of India (RBI) circular of April 2018. This circular prohibited banks and other financial institutions from providing services to crypto-related businesses.

2. Supreme Court Ruling

However, in March 2020, the Supreme Court of India overturned the RBI circular, allowing crypto exchanges to operate in India. This ruling paved the way for Huobi to potentially enter the Indian market.

3. Huobi's Response

Following the Supreme Court ruling, Huobi expressed interest in expanding to India. However, the company has not yet officially launched its services in the country.

4. Uncertain Regulatory Framework

Despite the Supreme Court ruling, the regulatory framework for cryptocurrencies in India remains uncertain. The government is still considering a comprehensive legislation on crypto assets. Until this legislation is in place, the legality of crypto exchanges, including Huobi, remains unclear.

5. Potential Implications of a Comprehensive Legislation

If the Indian government passes a comprehensive crypto legislation, it could impact Huobi's operations in the country. The legislation may introduce regulations, restrictions, or taxation on crypto exchanges.

Conclusion

As of August 2022, it is not clear whether Huobi is legally operating in India. The company has not officially launched its services and the regulatory framework for cryptocurrencies remains uncertain. If the Indian government establishes a comprehensive crypto legislation, it could potentially impact Huobi's operations in the country.