In Brief:
- Coinstore, a crypto exchange is planning to launch its platforms in India.
- New Delhi, Bangalore, and Mumbai will serve as its local unit.
- The aim is to expand the company in the Indian market, as a quarter of total active users are from India.
Singapore-based spot trading exchange, Coinstore is all set to begin operations in India, despite regulatory uncertainty and the pending clampdown on cryptocurrencies. Today morning, Coinstore via its Twitter handle disclosed its plan to enter India.
As per Coinstore’s management, It has launched its web and app platform and plans branches in New Delhi, Banglore, and Mumbai which will serve as its base for future expansion in India. The purpose is to expand its scope in the market as nearly a quarter of Coinstore’s total active users are from India.
Coinstore has allocated a $20 million fund to set up three new offices in India. Charles Tan, head of marketing at Coinstore said in a statement – “There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies.”
Though the company chose New Delhi as one of the base branches for its operations. The New Delhi government is planning to restrict trading in cryptocurrencies by imposing hefty capital gains and other taxes.
Last week, the Indian government listed the cryptocurrency bill for the upcoming winter session to ban all private cryptocurrencies. The union government further clarified that it will only allow certain cryptocurrencies to promote the underlying technology and its uses.
The company’s decision to establish its platform in India, despite the possibility of a cryptocurrency crackdown, can either turn in its favor or against it. However, it will become the second global exchange to enter India in recent months, following the footsteps of CrossTower which launched its local unit in September.
