Coinstore has begun its operations in India. This cryptocurrency exchange based in Singapore is the second international cryptocurrency exchange to enter India in recent months.
It follows CrossTower’s footsteps, which launched its local unit in the South Asian nation last September. We feel quite eager to share this latest cryptocurrency-related update with our readers.
We think Coinstore performed a bold move to expand its operations, opening for business in India. According to the news posted online by Gadgets 360, a website delivering the latest reports about the top-rated digital devices, Coinstore has launched its web and application platform.
Additionally, the Singapore-based virtual currency exchange’s management said that the firm intends to open branches in Bangalore, New Delhi, and Mumbai, which will function as Coinstore’s base in India for future expansion.
The company also revealed its intent to hire approximately 100 employees in India and spend US$20 million for the development of crypto-related products and services for the Indian market and for marketing and personnel recruitment purposes.
Besides India, Charles Tan said that Coinstore plans to expand into Vietnam, Japan, Indonesia, and South Korea. Coinstore’s head of marketing shared that it made sense for them to grow into the Indian market, with almost a quarter of their total active users coming from this territory.
Tan cited that they encountered policy flip-flops during their launch into the Indian market. However, he relayed that their company hopes things will be positive, and they are optimistic the Indian government would contrive a healthy framework for virtual currencies.
We want to congratulate Coinstore for its successful launch in India. We believe this cryptocurrency company did a courageous move since this development happened when the Indian government is effectively preparing legislation to ban most private virtual currencies.
We gathered that the New Delhi government plans to discourage trading in crypto-assets by imposing various taxes and hefty capital gains.
Additionally, we learned that this administrative body would permit only certain virtual currencies to promote the underlying financial technology and its uses, per a legislative agenda for the winter session set to commence later this month.
We agree with Mr. Charles Tan when he remarked that his company hopes that the Indian government will formulate a wholesome framework for cryptocurrencies.
We think Coinstore is, indeed, optimistic that things would turn out for the best despite the current scenarios that could potentially hamper the smooth-sailing operations of this cryptocurrency exchange in India.
We also believe that, in time, the Indian government will have a friendly policy for cryptocurrency enthusiasts and investors since they would then realize that the financial world is greatly moving towards digitalization.