The Singapore-based cryptocurrency exchange Coinstore has begun operations in India. The company has launched its Web and app platforms. It Is also planning offices. In Bangalore, New Delhi, and Mumbai.
The company has plans to recruit about 100 employees and invest 20 million initially for marketing, hiring, and development of crypto-related products.
It is surprising to see that the company enters India at a time when the Indian government is planning to ban the majority of private cryptocurrency coins and regulate the market. The government is also planning to impose hefty capital gains and other taxes to discourage cryptocurrency trading in the country.
When asked why the company entered the Indian market despite uncertainties, Charles Tan, head of marketing at Coinstore said, “There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies.”
After entering in India, Coinstore will expand its services to Japan, Korea, Indonesia, and Vietnam.
