Singapore crypto exchange enters India amid regulatory uncertainty

[ad_1]

Despite India’s unpredictable stance on crypto regulations, the Singaporean crypto exchange Coinstore has allocated a $ 20 million fund to establish three new offices in the Indian cities of Bangalore, Delhi and Mumbai.

Coinstore has announced the launch of its web and apps platform in India for spot and futures trading, opening up a new avenue of crypto investment for Indian investors. The platform requires Know Your Customer verification before allowing users to buy and sell more than 50 cryptocurrencies.

#Coinstore is very happy to offer our services to our users in India!

Thank you very much for your continued support for Coinstore as we continue to expand our services!

https://t.co/I08SlB4iBK https://t.co/PqYgSafgF8 #BTC #ETH #DOGE #crypto # exchanges https://t.co/Ae29cTBSpi

– Coinstore (@coinstore_en) November 29, 2021

Citing Coinstores’ goal of simplifying crypto adoption and trading experience, co-founder Jennifer Lu said:

We are really excited to have launched our app in India, with over 20% of our users active in India we have decided to start local operations to fully support our Indian users.

Complimenting the plan to open offices in India, Coinstore also announced 100 immediate local openings for the customer support, marketing and operations division. According to Lu:

The $ 20 million India expansion fund will be primarily used for marketing, talent recruitment, and the development of crypto-related products and services for the Indian market.

Related: Crypto Prices In India Drop After Crypto Bill Announced

India’s parliament has announced that it will introduce 26 new bills in the winter session, including a crypto bill that aims to ban private cryptocurrencies while creating an official digital currency.

While the bill has yet to clarify the meaning of the word private, the announcement triggered a temporary panic sell-off phase on the WazirX crypto exchange. Following the massive sell-off, the price of Bitcoin (BTC) fell 14.8% locally on the exchange within two hours.

[ad_2]