A Cryptocurrency exchange situated in Singapore. Despite the Indian government’s plans to essentially ban most private cryptocurrencies, Coinstore has launched in India.
According to Coinstore’s management, Bangalore, New Delhi, and Mumbai will serve as the company’s foundation in India for future development. Coinstore’s head of marketing, Charles Tan, tells Reuters, “With roughly a quarter of our total active users coming from India, it made sense for us to go into the market.”
According to Tan, Coinstore’s CEO, “There have been policy flip-flops, but we hope things are going to be positive, and we are confident that the Indian government will come up with a healthy framework for cryptocurrencies.”
Two sources told Reuters earlier this month that the New Delhi administration plans to impose heavy capital gains and other taxes to discourage trade in cryptocurrencies. According to a legislative agenda for the winter session, which begins later this month, it has stated that it would allow only specific cryptocurrencies to promote the underlying technology and its purposes.
According to Tan, Coinstore intends to spend $20 million on marketing, employing, and developing crypto-related products and services for the Indian market.
Following in the footsteps of CrossTower, Coinstore is the second major exchange to open a branch in India in recent months.
Since the beginning of the year, the price of Bitcoin, the world’s largest cryptocurrency, has more than doubled, drawing crowds of Indian investors.
Estimates in the industry place the number of cryptocurrency holders in India at 15 million to 20 million, with a total market capitalization of 400 billion rupees ($5.33 billion).
To grow to other countries including Japan, Korea, Indonesia, and Vietnam in Tan’s goals for Coinstore.