Coinstore: Singapore’s crypto exchange enters India despite pending restrictions

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MUMBAI: Singapore-based virtual bureau de change Coinstore began operations in India at a time when the government is preparing legislation to effectively ban most private cryptocurrencies. Coinstore has launched its web and application platform and plans branches in Bangalore, New Delhi and Mumbai, which will serve as the base for future expansion, its management said. With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market, Charles Tan, chief marketing officer at Coinstore, told Reuters. When asked why Coinstore was launching India despite the looming cryptocurrency crackdown, Tan said: There have been policy reversals, but we hope things are going to be positive and we are optimistic that the government Indian will provide a healthy framework for cryptocurrencies. The government plans to discourage cryptocurrency trading by imposing large capital gains and other taxes, two sources told Reuters earlier this month. He said he would only allow certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda for the winter session scheduled to begin later this month. Tan said Coinstore plans to recruit around 100 employees in India and spend $ 20 million on marketing, hiring and developing crypto-related products and services for the Indian market.

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