Coinstore Crypto Exchange Arrives In India But At This Time, WHY?

Coinstore Crypto Exchange Arrives In India But At This Time, WHY?

2021-11-30 | Mike Hallen

Coinstore Crypto Exchange Arrives In India But At This Time, WHY?

A virtual currency exchange situated in Singapore. Coin store has launched in India at a time when the government is working on laws that would essentially ban most private cryptocurrencies. Coin store has launched its online and app platforms and aims to open locations in Bangalore, New Delhi, and Mumbai, which will serve as a springboard for future development in India, according to the company's management. "With India accounting for roughly a quarter of our total active users, it made logical for us to expand into the market," Charles Tan, Coinstore's head of marketing, told Reuters. "There have been policy flip-flops," Mr. Tan said when asked why Coinstore was opening in India despite the impending cryptocurrency crackdown. "We think things will be positive and we are hopeful that the Indian government will come out with a healthy framework for cryptocurrencies." Two sources told Reuters earlier this month that the government intends to deter cryptocurrency trading by applying high capital gains and other taxes. According to a legislative agenda for the upcoming winter session, it has said that only specific cryptocurrencies will be allowed to promote the underlying technology and its applications. Coinstore wants to hire roughly 100 people in India and spend $20 million on marketing, hiring, and developing crypto-related products and services for the Indian market, according to Mr Tan. Coinstore is the second major exchange to create a local unit in India in recent months, following CrossTower, which did so in September. Since the beginning of this year, the price of Bitcoin, the world's largest cryptocurrency, has more than doubled, drawing swarms of Indian investors. According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto assets valued at roughly 400 billion rupees ($5.33 billion). According to Mr. Tan, Coinstore has intentions to grow into Japan, Korea, Indonesia, and Vietnam.

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