Singaporean Coinstore enters Indian market amid regulatory uncertainty
Amid the Indian government’s unpredictive stance towards crypto regulations, Singapore-based crypto exchange Coinstore has recently allocated a $20 million fund for setting up three new offices in the Indian cities of Bangalore, Delhi and Mumbai.
Coinstore made an announcement of launching its web and app platform in India for spot and futures trading, hence opening up a new crypto investment avenue for investors in India. The platform has mandated Know Your Customer verification for allowing users to initiate purchasing and selling of over 50 cryptocurrencies.
Coinstore’s Co-Founder Jennifer Lu has stated the firm’s goal of simplifying crypto adoption and trading experience, saying that they are “truly excited” for having launched their app in India. Lu added that as 20 per cent of Coinstore’s active users are from India, the management decided to kickstart local operations so that they can “fully support our Indian users.”
Coinstore has also said it would open 100 new positions for customer support, marketing and operations departments with immediate hiring.
Lu explained that the $20 million funds allocated for Coinstore’s India expansion would be utilized mainly for “hiring talent, marketing and development of crypto-related products & services” that can cater specifically to the Indian market.
As for crypto regulations in India, the Indian government had announced that it would introduce 26 new bills in its Winter Session, which had included a crypto bill aiming to ban private cryptocurrencies while preceding to create a central bank official digital currency.
While the new bill hasn’t yet clarified the meaning of the term “private”, the announcement has sparked a temporary panic selling phase on the major Indian crypto exchange, WazirX.
As a result of the massive sell-off, the Bitcoin price had noted a drop of 14.8 per cent locally on the exchange in a span of two hours.