Singapore virtual currency exchange Coinstore begins India operations

Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when India is preparing legislation to effectively bar most private cryptocurrencies.

Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai, which will act as its base in India for future expansion.

”With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” Charles Tan, head of marketing at Coinstore, said.

Asked why Coinstore was launching in India despite the pending clampdown on cryptocurrencies, 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.”