Coinsbit India entered the cryptocurrency market of India six months ago. During this time, its users’ number has reached 1.2 million people, said the cofounder of the crypto exchange, Ukrainian businessman Mykola Udianskyi.
He recalled that India is one of the most active cryptocurrency markets in the world. According to Chainalysis, the volume of investments in cryptocurrencies of residents of the country over the past year increased from $200 million to $38.8 billion.
“Today the number of crypto investors in India exceeds 15 million people. So, we couldn’t ignore such a market and decided to implement our European experience here” notes Udianskyi.
At the beginning of the year information about how the Indian authorities are going to completely ban all private cryptocurrencies and focus on creating a national digital currency has come to light.
But in the end, this idea was abandoned in favor of taxing cryptocurrency exchanges and transactions with digital assets. Thus, one of the most populous countries in the world may soon become the most advanced state when it comes to the mass adoption of cryptocurrencies.
“We decided to take advantage of the improved cryptocurrency climate in the country. After the sale of the Coinsbit exchange, the funds that invested in the Coinsbit India exchange were released. We chose to partially keep the brand since it was already quite popular at the time. The license cost us $1 million, another $5 million had to be paid for technical solutions – the development and adaptation of the exchange to local conditions,” adds the co-founder.
On top of that, according to him, the Coinsbit India crypto exchange operates completely in the legal field and complies with all legislative norms.
“We already have 1.2 million users and in the near future, we plan to become a leader in the Indian market,” summed up Udianskyi.