MetaMask wallet is merging with Onramp.money to enable Indian customers to buy cryptocurrencies straight from the browser-based wallet.
The cooperation should make it easy for Indians to purchase tokens on Ethereum, Polygon, and BNB Chain using the wallet.
Onramp.money is an Indian supplier of crypto-to-fiat on-ramp services that have been integrated with MetaMask.
The connection would enable Indian users to buy cryptocurrencies from inside the MetaMask wallet app via Onramp.money’s API, which supports local payment methods such as UPI and IMPS.
MetaMask’s product manager, Lorenzo Santos, said, “We are thrilled to work with Onramp.money to provide rapid transaction services to our Indian customers.” This, we think, will contribute to the increased use of blockchain technology in India.
Despite the complex legal climate for cryptocurrency assets in India, which includes a 30% tax on crypto profits and a 1% source tax, this integration will make it simpler for Indian consumers to buy assets on the Ethereum, Polygon, and BNB Chain and utilize them inside decentralized apps. The absence of legal certainty from the government and the difficulties of locating on-ramp banking channels continue to be obstacles for the Indian cryptocurrency business.
Nirmala Sitharaman, the Indian Finance Minister, did not mention any cryptocurrency asset-related changes or regulations in her latest budget statement for the fiscal year 2023–2024. Sitharaman and other government officials have still underlined the need for a standard strategy for regulating cryptocurrencies, consistent with international regulations, in order to offer crypto users in the country clear rules.
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