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Coinstore begins operations in India despite issues on trades

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Singapore-based crypto exchange Coinstore officially launches its platform in India and is currently undergoing bill preparation to bar private cryptocurrencies in the country. Along with this is the increase in the prices of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

With this, users can ‘trade, buy and sell cryptocurrencies, with easy KYC verification and 24/7 customer support’, announced by Coinstore in a statement. Head Product and Co-founder of Coinstore, Jennifer Lu shared her thoughts on the company’s move to operate in India:

‘With over 20 percent of our active users from India, we decided to start local operations to fully support our Indian users’. 

Head of Coinstore Marketing Charles Tan also had a similar statement, ‘With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market’.   

The government of New Delhi is planning to tighten regulations regarding investors holding cryptocurrencies by imposing high capital gains and taxes. Only select cryptocurrencies will be allowed to promote their uses.

‘Only when a coin has been approved by the government can it be traded, else holding or trading it in may attract a penalty’, according to a source of Reuters.  

Additionally, Tan also expressed his thoughts about the decision of launching Coinstore in India regarding the clampdown. He stated: ‘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’. 

Moreover, Coinstore is also looking into launching branches in various parts of India including Bangalore, New Delhi and Mumbai. According to the management of Coinstore, the following places will be established as the exchange’s base for future expansion. 

According to Charles Tan, Coinstore is looking into hiring 100 employees in India as well as allocating US$20 million to market and develop crypto-related products in the country.

Coinstore is a crypto exchange launched in February 2021. It came second after CrossTower as a global exchange to enter India though the latter was launched in September. 

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