Popular Bitcoin wallets and cryptocurrency provider ZebPay is re-expanding its services in India. As a result, it’s collaborating with Chainalysis to monitor transactions in the country.
Chainalysis is blockchain forensics that monitors transactions across different platforms. With this collaboration, it will be checking BebPay’s transactions across different portals in ZebPay’s home country.
Zebpay intends to expand its partnership with Chainalysis, who is already offering its Know Your Transaction services (KYT) for operations of ZebPay in Singapore.
According to Avinash Shekhar, president of ZebPay, the aim of the company is to develop the best compliance platform in the country. “We wanted to build a best-in-class compliance program in India from the start,” he said.
Zebpay wants to improve compliance in India
Chainalysis will offer real-time alert to notify ZebPay of high-risk or suspicious transactions across its portals.
With this new alliance, compliance will be strengthened in India. The expansion of its compliance framework is coming almost three months after the Supreme Court of India lifted the long-standing ban placed by India’s reserve Bank on India’s financial institutions. The ban was placed to prevent financial institutions from providing banking services to crypto firms.
More needs to be done
Chief revenue officer of Chainalysis, Jason Bonds, commended ZebPay for the huge role it’s playing for strengthening compliance in the country. In the midst of the country’s obvious liberalization, it’s a good thing for ZebPay to strengthen its investigative and compliance capabilities, he said.
Jason also pointed out that the partnership has not been successful yet, as more steps need to be taken towards its success. But this partnership is the first step and a good one in the right direction. Jason concluded that if the right steps are taken, it will further strengthen the regulation of cryptocurrency in India.
Chainalysis said the firm believes the goal of the two firms to make good progress in the crypto industry is a mutual one, adding that he looks forward to more success in the future.
Boom predicted for Indian crypto adoption
With the current development, experts have predicted an expansive market growth in the Indian crypto market. Coinpaprika and OKEx complied a report recently, which predicted that India’s share of crypto transactions will rise significantly higher over the next few years. According to the report, the prediction is based on heavy barriers on foreign exchange markets, high remittance fees, and increased permissive regulations.