thecoinrise.com
Despite the dense cloud of regulatory uncertainty in India, Coinstore, the famous Singapore-based crypto exchange, has decided to set up three offices in the Indian major cities Bangalore, Mumbai, and Delhi with its allocated $20 million funds.
Coinstore, through its Twitter post, announced the launch of its web and app system for spot and futures trading by opening a fresh avenue for Indian investors. Before allowing users to buy, sell, or trade more than 50 crypto assets, Coinstore has mandated Know Your Customer (KYC) verification for regulatory compliance.
As TheCoinRise reported, regulators all around the world have made it mandatory for users to KYC verify themselves before trading on exchanges. Recently, Binance CEO disclosed that 3% of the users left the platform after the exchange made KYC compulsory.
The recent directive of the Indian Premier League or IPL to its teams prohibiting them from any partnerships with crypto firms is not hinting in a positive direction.
Coinstore aims major expansion
Along with opening new offices in India, Coinstore also announced 100 customer support, marketing, and operation division local openings.
Co-founder of the Coinstore, Jennifer Lu, says that the company goals to adopt and ease user experience around the world. He states:
“We are truly excited to have launched our app in India; with over 20% of our active users from India, we decided to start local operations to fully support our Indian users.”
India recently is waiting for the clarification of crypto regulation by the government, which is confusing the investors on “private crypto” implications. The bill announcement sparked a brief panic selling phase dropping Bitcoin by 14.8% locally within two hours. This also led to the WazirX app getting crashed briefly.
The Indian parliament announced it would introduce 26 new bills in the Winter Session, which included a crypto bill that aims to ban private cryptocurrencies while creating an official digital currency.
While the bill is yet to clarify the meaning of the word “private,” the announcement sparked a temporary panic selling phase on the WazirX crypto exchange. As a result of the massive sell-off, the Bitcoin (BTC) price dropped 14.8% locally on the exchange within two hours.