Bitget COO drives compliance narrative at India Blockchain Week 2024

Artificial Intelligence (AI) trained on AI-created data will be very murky, highlights role of blockchain in securing AI

Bangalore (India), December xx, 2024: Bitget, the leading cryptocurrency exchange, and web3 company took center stage at India Blockchain Week 2024 by driving the compliance narrative in India and discussing strategies for the organic success of Web3 startups. Bitget COO, Vugar Usi Zade actively participated in the panel discussion “Survival and Scale: Organic Growth Tactics for Web3 Startups” where he highlighted some of the success stories of Bitget’s ‘Blockchain4Youth’ fund, a $10 million commitment to support promising Web3 startups across the globe.

Bitget COO emphasized on the high taxation for crypto assets which impacts the growth of businesses involved in digital assets and blockchain technology. The high taxation in the UK which is at 36% and a similar pattern in other large economies of the world acts as a deterrent for the growth of emerging technologies like Web3 and blockchain.

(Bitget COO speaking to participants on demo day at IBW 2024)

Commenting on the regulatory challenges, Vugar Use Zade, COO at Bitget, said “ The primary objective of regulations should be to serve the best interest of the end users. The Web3 ecosystem needs a level-playing field to grow at its full potential and I feel fair taxation and business-friendly policies can be a gamechanger for the Web3 industry.”

Talking about the latest Bitcoin rally, Bitget COO mentioned that Trump’s victory in the recent US elections has changed the perception around the growth of the crypto industry around the globe. He also highlighted the fact that Trump may raise taxation on crypto transactions to show that he is making money for the general public. Overall, the regulations in a major economy like the US will serve as a template for regulatory frameworks around the globe. He lauded UAE’s efforts to support the web3 industry with easy regulations and business-friendly tax structure.

Bitget is actively working towards becoming a regulated entity in India. Bitget is collaborating with the regulators to seek a registration to operate in India

Talking about the crypto industry in a post-AI world, Bitget COO talked about the misuse of AI and the negative impact of AI being trained on AI-created data. He mentioned that AI needs to be trained with human-created and verified data so that it can serve the society in a positive way. Bitget's COO feels that AI is not here to replace the human workforce but to coexist as a supporting technology.

Discussing the latest Bitcoin rally, Vugar predicted that Bitcoin will touch a lower support level before hitting that mark of $150,000 in the current bull cycle. He expressed enthusiasm on the role of ETFs in making Bitcoin, a mainstream investment product and hoped to see similar products on other developed economies around the globe.

Bitget COO concluded by saying that recent incidents of hacks have raised some concerns around the safety of user funds on cryptocurrency exchanges. He mentioned that Bitget operates on a global scale and has a $600 million protection fund which has over 6500 Bitcoins locked in a public wallet, which is visible to general public all the time. He mentioned that safety of user funds is a top priority at Bitget and management is committed to create an environment of trust and transparency within the global crypto industry.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

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