Singaporean Crypto Exchange Coinstore Enters India Amid Regulatory Uncertainty

Despite India's unpredictable stance on crypto regulation, Singapore-based crypto exchange Coinstore has allocated $20 million to set up three new offices in the Indian cities of Bengaluru, Delhi and Mumbai.

Coinstore announced the launch of a web and app platform for spot and futures trading in India, opening up new crypto investment channels for Indian investors. The platform mandates know-your-customer verification before allowing users to buy and sell more than 50 cryptocurrencies.

Coinstore is excited to bring our services to users in India!

Thank you very much for your unwavering support to Coinstore, we will continue to expand our services!

— Coinstore (@coinstore_en) November 29, 2021

Mentioning that Coinstore’s goal is to simplify the adoption and trading experience of cryptocurrencies, Coinstore co-founder Jennifer Lu said:

"We are really excited to launch our app in India, with over 20% of our active users coming from India, we decided to go local and fully support our Indian users."

In line with plans to open an office in India, Coinstore has also announced the immediate opening of 100 local positions in customer support, marketing and operations. According to Lu:

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

India's parliament has announced that it will introduce 26 new bills in its winter session, including a crypto bill aimed at banning private cryptocurrencies while creating an official digital currency.

While the bill has yet to clarify what the word "private" means, the statement sparked a brief phase of panic selling on crypto exchange WazirX. The price of bitcoin on the exchange fell by 14.8% in two hours due to the massive sell-off.

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