Blockchain

Singapore cryptocurrency exchange enters India due to regulatory uncertainty

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Despite India’s unpredictable stance on crypto regulations, Singapore’s cryptocurrency exchange Coinstore has allocated US$20 million to set up three new offices in the Indian cities of Bangalore, Delhi, and Mumbai.

Coinstore announced the launch of a network and application platform for spot and futures trading in India, opening up a new crypto investment channel for Indian investors. The platform requires “know your customer” verification before allowing users to buy and sell more than 50 cryptocurrencies.

Co-founder Jennifer Lu cited Coinstore’s goal of simplifying crypto adoption and trading experience:

“We are very happy to be able to launch our app in India. We have more than 20% of active users from India. We decided to start local operations to fully support our Indian users.”

As part of a plan to set up an office in India, Coinstore also announced the immediate opening of 100 customer support, marketing and operations departments there. According to Lu:

“The US$20 million allocated for expansion in India will be mainly used for marketing, recruiting talent, and developing crypto-related products and services for the Indian market.”

related: India’s cryptocurrency prices plummeted after the announcement of the cryptocurrency bill

The Indian Parliament announced that it will 26 new bills proposed at the Winter Conference, Including an encryption bill aimed at banning private cryptocurrencies while creating official digital currencies.

Although the bill has not yet clarified the meaning of the term “private”, the announcement triggered a temporary panic selling phase on the WazirX cryptocurrency exchange. Due to the massive sell-off, Bitcoin (Bitcoin) The price on the local exchange dropped by 14.8% in two hours.