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Singapore-based crypto exchange Coinstore has entered the Indian market at a time when the central govt is preparing legislation to effectively bar “private cryptocurrencies.” The launch assumes significance as more than 20% of Coinstore’s active users come from India.
Singapore Exchange Coinstore Enters the Crypto Market in India
Singapore’s Coinstore crypto exchange has allotted $20 million to set up three new offices in Indian cities- Bangalore, Delhi, and Mumbai. The exchange is also looking to hire 100 new employees for its India operations and has allocated $120 million funds towards marketing, hiring, and development of crypto-related products and services for the Indian market.
With Over 20% of active Coinstore being from India, setting up an office in the region is only a sensible decision, according to Jennifer Lu, co-founder of Coinstore:
“With over 20 per cent of our active users from India, we decided to start local operations to fully support our Indian users. The setting up of a local support office is currently underway in the country. The company will have offices in Delhi, Mumbai, and Bengaluru “that will act as its base in India for future expansion.”
In June this year, Coinstore successfully launched its iOS and Android apps worldwide alongside its web trading platform. The platform will soon undergo a rigorous audit by Hacken, a global cybersecurity firm with a focus on blockchain security.
Regulatory Clarity Still Unclear
Coinstore’s expansion to India comes at a time where the country is at the brink of introducing legislation to ban all “private cryptocurrencies,” according to the parliamentary agenda. However, the government will allow for ‘certain exceptions’ to promote the underlying technology of cryptocurrency and its use.
Notably, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to create a framework for the creation of the official digital currency to be issued by the country’s central bank, the Reserve Bank of India.