Gibraltar-based crypto-friendly bank Xapo is expanding into India and South Asia for the provision of cryptocurrency services in the region.
The CEO of Xapo, who made statements on the subject Seamus Rocca He said this move is in line with the positive changes we are witnessing in Asia’s burgeoning crypto landscape. Xapo will begin accepting members across South Asia, offering an interest rate of 4.1 percent, according to the announcement via email on Thursday, June 22. USD offshoreIt will offer services such as a savings account and a Bitcoin wallet that offers 1% on BTC deposits.
Rocca Says This Move Is Aligned With The Company’s Mission
Seamus Rocca“This is a step in line with our mission to make it as simple as possible for our members to transact transparently and securely from anywhere in the world, alongside the positive changes we are witnessing in Asia’s thriving crypto landscape,” he said.
India has a somewhat mixed relationship with cryptocurrencies. Transactions in India are subject to a 30 percent capital gains tax and a 1 percent tax at source (TDS). However, the fact that it is the most populated country in the world and the presence of more than 100 million crypto users makes it difficult for crypto firms to ignore.
Xapo Bank in March SWIFTas an alternative to USD Coins(USDC) fintech company to integrate payment channels Circlehad partnered with.
