India's largest crypto exchange has entered the MENA market

CoinDCX expects the deal could increase the cryptocurrency exchange's annual revenue by $50 million, at a time when rival crypto exchanges in India are losing revenue, suffering from onerous tax rules.

The BitOasis trading platform, in addition to its Virtual Asset Reliability Authority (VARA) service provider license in Dubai, has a similar permit to provide cryptocurrency services in Bahrain. In total, BitOasis platform services are available in 15 countries in the region.

Earlier, Reuters, citing an anonymous source at the Reserve Bank of India (RBI), reported a catastrophic drop in demand for the digital rupee. It is reported that the number of daily transactions with the local central bank's digital currency has fallen tenfold to about 100,000 compared to December 2023.