Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the government is preparing legislation to effectively bar most private cryptocurrencies.
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When asked why Coinstore was launching in India despite the pending clampdown on cryptocurrencies, Head of Marketing at Coinstore Mr Tan said that 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.
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Tan said Coinstore plans to recruit about 100 employees in India and spend $20 million for marketing, hiring and development of crypto-related products and services for the Indian market.
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The New Delhi government is planning to discourage trading in cryptocurrencies by imposing hefty capital gains and other taxes
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Coinstore is also planning to expand into Japan, Korea, Indonesian and Vietnam.
