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Mumbai — Singapore-based crypto exchange Coinstore began operations in India when the Government of India was preparing legislation to effectively ban most private cryptocurrencies.
Coinstore has launched a web and app platform, plans to have branches in Bangalore, New Delhi and Mumbai, and will function as a base in India for future expansion.
Charles Tan, Head of Marketing at Coinstore, told Reuters:
Asked why the coin store launched India, despite the pending crackdown on cryptocurrencies, Tan said: .. “
The New Delhi government plans to block cryptocurrency trading by imposing large capital gains and other taxes, two sources told Reuters earlier this month.
According to the legislative agenda for the winter session, which is scheduled to begin later this month, only certain cryptocurrencies will be allowed to promote the underlying technology and its use.
According to Tan, the coin store will employ approximately 100 people in India and will spend $ 20 million on marketing, hiring and developing crypto products and services for the Indian market.
Coinstore is the second global exchange to enter India in recent months, following Cross Tower, which launched a local unit in September.
Bitcoin, the world’s largest cryptocurrency, has more than doubled in price since the beginning of the year, attracting hordes of Indian investors.
Industry estimates indicate that India has 15 to 20 million crypto investors with a total crypto holding of around 400 billion rupees ($ 5.33 billion).
According to Tan, the coin store will be expanded to Japan, South Korea, Indonesia and Vietnam.
($ 1 = 75.0400 Indian Rupees)
Nupur Anand
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