Singapore’s crypto exchange enters India amid regulatory uncertainty

Despite India’s unreliable stance on crypto regulations, the Singaporean crypto exchange Coinstore has raised a $ 20 million fund to build three new offices in different locations: Bangalore, Delhi and Mumbai in India.

Coinstore has announced the launch of its web and app platform in India for spot and futures trading, opening a new crypto investment route for Indian investors. The platform requires Know to verify your customers before users can buy and sell more than 50 cryptocurrencies.

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Citing Coinstore’s goal to simplify the crypto adoption and trading experience, Co-Founder Jennifer Lu said:

“We are very excited to launch our app in India as over 20% of our active users are from India. We decided to start operating locally in order to fully support our Indian users. “

In addition to its plans to open an office in India, Coinstore also announced 100 immediate local openings for customer support, marketing and operations. According to Lu:

“The $ 20 million fund allocated for the expansion in India will be used primarily for marketing, talent recruitment and the development of crypto-related products and services for the Indian market.”

Related: Cryptocurrency price in India is falling after the announcement of the crypto law

The Indian parliament has announced that it will propose 26 new bills during the winter session, including a cryptocurrency bill that aims to ban private cryptocurrencies while creating a digital currency.

Although the bill has not yet clarified what the word “private” means, the announcement has sparked a temporary period of panic selling on the WazirX cryptocurrency exchange. As a result of the massive sell-off, the Bitcoin (BTC) price fell 14.8% locally on the exchange within two hours.

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