Singapore based virtual currency exchange Currency shop It has been in operation in India since the government drafted legislation to effectively ban most private cryptocurrencies.
Currency shop It has launched its website and processor base and plans to have branches in Bangalore, New Delhi and Mumbai, which will serve as its base in India for future expansion, its management said.
“Since almost a quarter of our total active users come from India, it makes sense for us to expand the market,” said Charles Tan, Head of Marketing. Currency shop Told Reuters.
Asked why Currency shop Despite the ban on cryptocurrencies, Mr Tan said, “There are policy twists and turns, but we hope things will be positive and that the Government of India will release a healthy framework for cryptocurrencies.”
The government plans to encourage the trading of cryptocurrencies by imposing higher capital gains and other taxes, two sources told Reuters earlier this month.
It said it would only allow specific cryptocurrencies to promote basic technology and its applications, according to the legislative agenda for the winter session series starting later this month.
Mr. Don said Currency shop It plans to employ about 100 people in India and spend $ 20 million on marketing, hiring and developing crypto-related products and services for the Indian market.
Coinstore is the second global exchange to enter India in recent months, following in the footsteps of Cross Tower, which launched its local unit in September.
The price of Bitcoin, the world’s largest cryptocurrency, has more than doubled since the beginning of this year, attracting Indian investors.
Industry estimates put the number of crypto investors at 15 million to 20 million in India, with total crypto shares worth about 400 billion rupees ($ 5.33 billion).
Currency shop Mr Tan said he plans to expand in Japan, Korea, Indonesia and Vietnam.