Home News Singaporean crypto exchange Coinstore enters India amid regulatory uncertainty

Singaporean crypto exchange Coinstore enters India amid regulatory uncertainty

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Despite India’s unpredictable crypto regulations, Singaporean crypto exchange Coinstore has set aside $20 million to establish three new offices in Bangalore, Delhi, and Mumbai.

Coinstore has announced the debut of its online and app platform in India for spot and futures trading, providing Indian investors with a new crypto investment option. Before enabling users to buy and trade more than 50 cryptocurrencies, the site requires to Know Your Customer authentication.

Coinstore co-founder Jennifer Lu explained the company’s objective to make cryptocurrency adoption and trading easier:

“India accounted for over 20% of our active users. Hence, we decided to establish local offices to better serve our Indian users.”

In addition to ambitions to open offices in India, Coinstore has announced 100 urgent local job openings in customer service, marketing, and operations. Lu asserts:

“The $20 million set aside for India expansion will mostly be spent for marketing, people recruitment. As well, and the development of crypto-related products and services for the Indian market.”

In the Winter Session, the Indian parliament announced the adoption of 26 new laws, including a crypto bill that aims to prohibit private cryptocurrencies while creating an official digital currency.

The law does not define the term “private”. However, the comment triggered a brief panic selling phase on the WazirX crypto market. As a result of the massive sell-off, the price of Bitcoin (BTC) plunged 14.8% in two hours.

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