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The crypto market in India is facing regulatory uncertainties amidst mounting speculations that the government might be planning to impose a ban on private cryptocurrencies, which might include popular coins such as Bitcoin (BTC) and Ethereum (ETH). However, a Singaporean exchange remains unfazed by such rumors as it announced plans of putting up three offices in the country.
Singaporean crypto exchange Coinstore just launched its web and app platforms in India. The company also announced plans of putting up branches in Bangalore, New Delhi, and Mumbai and has allocated $20 million for its expansion, according to CNN.
“Coinstore is very excited to be bringing our services to our users in India!” the company tweeted on November 29. “Thank you so much for your unwavering support towards Coinstore, as we continue to expand our services!”
According to Coinstore head of marketing Charles Tan, the company plans to hire 100 employees for its Indian operations. Aside from manpower recruitment, the $20 million budget will be used for marketing and developing crypto-related product and services for the Indian market.
The company decided to expand in the country due to the popularity of the platform among Indian users. “With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” Tan explained.
What’s surprising is the timing of Coinstore’s expansion. Recently, there were speculations that the government could impose a ban on private crypto based on a bulletin posted on the Indian parliament’s website Lok Shabha, which revealed that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will be discussed with the Parliament resumes its Winter Session on November 29.
“The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” a brief description of the bill reads.
Despite the possibility of a ban, Coinstore is optimistic that the government won’t result in an outright ban. “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,” Tan explained.
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