Cryptocurrency Exchange Coinstore Enters India Despite Regulatory Tension
Coinstore (a Singapore-based exchange of cryptocurrency) had arrived in the market of India notwithstanding the regulatory pressure that signifies an upcoming prohibition on the entirety of the private cryptocurrencies, as announced by the company today. The website, as well as the mobile app for the consumers in India, has been issued by the exchange and it intends to develop the regional offices thereof in Mumbai, Delhi, and Bangalore that will back its future expansion across the country, according to a press release. The exchange is also pursuing to appoint 100 more employees for the activities thereof in India along with its allocation of expenditure of up to US$120M for the countrywide expansion.
More than 20% of the operative users of Coinstore belong to India, which shows the significance of the action, said the Coinstore’s co-founder Jennifer Lu. The earliest launch of Coinstore’s application was carried out for worldwide customers in 2021’s June. It is considered to be the third in the ranking of the foreign exchanges that have entered the market of India yet.
In 2019, Binance came into India whereas CrossTower and WazirX opened their respective offices in the country during the earlier part of this year. Coinstore will shortly provide a feature known as ‘copy trading’ for the Indian clients, permitting them to move per the steps taken by the other effective traders.
Coinstore’s passage to India is taken at a point when the country has reached the verge of issuing legislation to prohibit each cryptocurrency. The goal of the crypto bill is to restrict cryptocurrencies across the country, as per the parliamentary agenda thereof. The bill has been listed to be talked about during the parliamentary session beginning from this day. In reply to a question asked during the parliamentary session, it was stated by the Ministry of Finance that the government is not gathering information regarding Bitcoin (BTC) transactions.
Additionally, it has not focused its attention toward Bitcoin to be a currency. This viewpoint is in agreement with the earlier opinions given by the finance ministry on cryptocurrencies stating that the status of being a legal tender cannot be provided to cryptocurrencies. Nonetheless, it is yet to be seen whether the country’s authorities allow the cryptocurrencies to be traded, although there are fewer chances for them to be utilized as a payment method. The crypto bill has not yet been made public.