Coinbase, one of the leading cryptocurrency exchanges in the U.S., is actively working towards re-entering the Indian market after suspending operations over a year ago. The company is currently engaging with Indian regulators to ensure compliance as the government reassesses its stance on digital assets.
Coinbase in Talks with Indian Authorities
As per reports from TechCrunch, Coinbase is in discussions with key Indian authorities, including the Financial Intelligence Unit (FIU), which monitors financial transactions in the country. The exchange is focused on aligning with regulatory requirements and is optimistic about making a return. A spokesperson for Coinbase stated:
“We are excited about the opportunities in India and are committed to complying with local regulations.”
Coinbase’s renewed interest in India aligns with its broader global expansion strategy. Recently, its Chief Legal Officer, Paul Grewal, joined the board of the U.S.-India Business Council (USIBC), further strengthening the company’s ties within the financial sector of both nations.
India’s Evolving Crypto Landscape
Coinbase initially launched in India in April 2022, introducing support for the Unified Payments Interface (UPI). However, the service was abruptly suspended just three days later after the National Payments Corporation of India declined to acknowledge the exchange’s operations.
Despite India’s stringent regulations, crypto adoption continues to grow. The government imposed a 30% tax on crypto income and a 1% transaction tax in 2022, discouraging some investors. However, with global regulatory shifts, India may eventually adopt a more balanced approach to cryptocurrency policies.
Binance Leads the Way in Compliance
Coinbase’s rival, Binance, successfully resumed operations in India in August 2023 after addressing regulatory concerns. This demonstrated that major global exchanges can operate in India if they meet compliance standards. With Binance already back and Coinbase planning its return, India’s crypto market could experience renewed momentum.
Also Read: XRP Set for Potential Breakout: Dark Defender Predicts Bullish Momentum and Price Surge
If Coinbase succeeds in re-entering the market, Indian traders will gain more options, potentially accelerating crypto adoption in the country. As regulatory discussions progress, all eyes will be on Coinbase’s next move in India’s evolving digital asset ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
