Coinstore plans to spend around $20 million on recruitment, marketing, and development.
The past week saw a lot of action in India’s crypto markets because of the possibility of crypto regulation during the Winter Session of the Parliament.
But this did not deter Singapore crypto exchange Coinstore from establishing a base in India, according to a Reuters report.
“With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” said Charles Tan, Head of Marketing at Coinstore.
On the uncertain regulatory environment, Tan said,
“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.”Charles Tan, Head of Marketing at Coinstore
Coinstore is planning to recruit 100 employees in India. It has a budget of $20 million for marketing, recruitment, and development of products in India.
The exchange is going to establish offices in Bangalore, New Delhi and Mumbai.
The same day Sidharth Sogani, founder of CREBACO, a credit rating company for crypto assets, ‘red -flagged’ a project, which is entering into India and investing the same amount of money in the country.
Is he talking about Coinstore?
He further opined that at the time when India is moving towards regulation of the crypto industry, it is imperative that any malicious project be identified and dealt with, to protect investors. This phase is crucial for the crypto industry in India.
India is toughening up its advertisement norms. Last week, it was reported that Board of Control for Cricket in India (BCCI) has forbidden the Indian Premier League (IPL) teams from partnering with crypto exchanges. Moreover, reportedly, some crypto exchanges are also abstaining from advertisements.
It will be interesting to see how Coinstore will increase its footprint in such an environment.
As per the description of the crypto bill, the Indian Government will ban private cryptocurrencies. Will this bill be introduced or even passed or referred to a committee? No one knows what will happen.
What are your views on the crypto bill? Comment below.