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Currently, the crypto regulatory framework in India is shaky. However, this uncertainty has not prevented Coinstore, one of the largest crypto exchange platforms in Singapore, to establish base in the country.
The exchange has now announced the launch of a $20 million fund that will be used to launch three new offices in different cities in India, which include Bangalore, Delhi and Mumbai.
Coinstore launches India services
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Coinstore has announced the launch of a new web and app platform in India. The exchange seeks to offer spot and futures trading for Indian investors. The platform will require a Know Your Customer verification from traders.
The exchange stated that
Coinstore is very excited to be bringing our services to our users in India! Thank you so much for your unwavering support towards Coinstore as we continue to expand our services.
The head of marketing at Coinstore, Charles Tan, has stated that despite the strict regulatory framework in India, the strict KYC process and the security measures will protect Indian investors. He stated that this process “naturally protects the Indian users and would clarify the legality of certain cryptocurrencies.”
Currently, the exchange already has more than 60,000 users in India, and it expects that this team will grow by 10 to 20 times in the short-term future.
“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.”
Crypto regulatory framework in India
In the announcement, Coinstore stated that the $20 million fund dedicated to setting up the new offices would expand the firm’s human resources. Around 100 new offices have been set up to offer customer support, marketing, and operations services.
The Indian parliament has announced that it will launch 26 new bills during the Winter Session. One of these bills will include banning private cryptocurrencies and creating an official digital currency.
However, this bill has not clarified the meaning of the word “private.” The announcement has already created a stir on the WazirX cryptocurrency exchange. Within two hours after the announcement, a panic sell-off on the exchange led to a 14.8% dip in Bitcoin prices.