Exchange of virtual currencies Coinstore has begun operations in India, despite the government's efforts to pass legislation effectively prohibiting the use of most private cryptocurrencies.
Virtual currency exchange based in Singapore Coinstore began operations in India when the government was preparing legislation that would effectively ban most private cryptocurrencies.
Coinstore has launched its web and app platform and plans to open branches in Bangalore, New Delhi, and Mumbai, serving as its base in India for future expansion, according to its management.
With nearly a quarter of Coinstore's total active users coming from India, it made sense for us to enter the market," Charles Tan, Coinstore's head of marketing, told Reuters.
When asked why Coinstore was launching in India
despite the impending cryptocurrency crackdown, Mr. Tan stated, "there have been policy flip-flops but we hope things will be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies."
Bestowing on to the sources who spoke to Reuters earlier this month, the government intends to discourage cryptocurrency trading by imposing high capital gains and other taxes.
According to a legislative agenda for the winter session, which begins later this month, it has stated that it will allow only specific cryptocurrencies to promote the underlying technology and its applications.
Mr. Tan stated that Coinstore intends to hire approximately 100 people in India and spend $20 million on marketing, hiring, and developing crypto-related products and services for the Indian market.
Coinstore is the second global exchange to enter India in recent months, following CrossTower, which opened a local branch in September.
Bitcoin, the world's largest cryptocurrency, has more than doubled in price since the beginning of this year, attracting hordes of Indian investors.
According to industry estimates, India has 15 million to 20 million crypto investors, with total crypto holdings of around 400 billion rupees ($5.33 billion).
According to Mr. Tan, Coinstore also intends to expand into Japan, Korea, Indonesia, and Vietnam.
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