Xapo Bank expands to India and South Asia, focusing on crypto.

Xapo, a private bank based in Gibraltar that is friendly to cryptocurrencies, is planning to expand its services across India and the rest of South Asia. This is a significant expansion in the provision of cryptocurrency services in the region.

Xapo will begin accepting members across South Asia, offering services such as its USD offshore savings account, which provides 4.1% interest, and a bitcoin wallet that offers 1% on BTC deposits, according to an email announcement sent on Thursday.

“This is in line with the positive shifts we are witnessing in Asia’s evolving crypto landscape, as well as our mission to make transacting transparently and securely from anywhere in the world as simple as it can be for our members,” said CEO Seamus Rocca.

India has a slightly mixed relationship with cryptocurrencies, with transactions being subject to a 30% capital gains tax and a 1% tax deducted at source (TDS) provision. However, its status as the world’s most populous country and the presence of over 100 million cryptocurrency users make it difficult for cryptocurrency firms to ignore.

Read More: Xapo Bank to Enable Tether Deposits, Withdrawals

Edited by Parikshit Mishra.