Singapore-based cryptocurrency exchange Coinstore to become available in India

Tue 30 Nov 2021 ▪ 7h03 ▪ 3 min read — by Rudy Bauer

Despite the Indian authorities’ negative attitude towards digital assets, one of Singapore’s largest cryptocurrency exchanges has decided to offer its services to residents of that country. The company has announced the launch of a $20 million (~£15 million) fund. These proceeds will be used to open three offices, which will be located in Delhi, Bangalore and Mumbai.

Launch of Coinstore services in India

According to Invezz, Coinstore has announced that a new web platform will be launched specifically for India, as well as a mobile app. The exchange is going to offer spot and futures trading to investors. To become a customer, you will have to go through the Know Your Customer (KYC) procedure.

Charles Tan, head of marketing at Coinstore, said that the platform is going to provide users with complete security. That’s why it won’t be possible to register without entering personal information verified by documents.

There are already more than 60,000 Indians using the exchange, which is about 20% of all users. Representatives of the platform anticipate that in the near future this number will grow by a factor of 10 to 20.

Specifics of the regulatory framework in India

Coinstore officials say the $20 million allocated to open the offices includes funds to increase the number of employees. Locals will be able to apply for around 100 positions in marketing, services and customer support.

India’s parliament is set to introduce 26 new bills during the Winter Session. One of them will prohibit private cryptocurrencies and mandate the creation of an official digital currency. But the bill does not clarify the definition of “private”. The news caused panic at cryptocurrency exchange WazirX. Within two hours of the announcement, investors began selling assets rapidly, causing Bitcoin (BTC) to plummet 14.8 per cent.

Hopefully, Coinstore representatives will find common ground with Indian authorities and regulators. Otherwise, locals may not be able to access popular cryptocurrency-related services.

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Rudy Bauer

Photographe, Vidéaste, webdesigner et enfin rédacteur pour CoinTribune: l'image, le digital et la blockchain sont mon dada.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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