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Singapore-based cryptocurrency exchange and wallet provider ZebPay has entered into a partnership with a blockchain analysis company Chainalysis to enhance due diligence and investigations in India.

According to an official press release, the exchange decided to enhance its surveillance over the Indian market due to the recent regulatory developments regarding cryptocurrency in the country. ZebPay already uses Chainalysis software in Singapore.

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ZebPay President Avinash Shekhar says the exchange wanted to create a best-in-class compliance program in India from the very beginning.

"We already knew the power of Chainalysis KYT's automated compliance features and Chainalysis Reactor's advanced investigative capabilities from our work with them in other markets, and we know Chainalysis will set us up for successful expansion in India," Shekhar added.

Over the past several months, India has become one of the most active crypto-related regions in the world.

Just before the Reserve Bank of India (RBI) admitted there are no restrictions on financial services for crypto-related traders and exchanges, the market was already flooded with investments from big players.

A digital asset trust company BitGo became a custodian for India's largest cryptocurrency exchange called CoinDCX and the exchange itself succeeded to raise additional $2.5 million injection from Polychain Capital and Coinbase Ventures.

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