Coinbase is set to resume operations in India after registering with the country’s Financial Intelligence Unit (FIU).
The U.S.-based cryptocurrency exchange announced in a blog post on March 11 that the regulatory approval will allow it to roll out crypto trading services, with an initial focus on retail offerings later this year. They also hinted at further investments and product launches in the Indian market over time.
“India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations,”
said John O’Loghlen, Coinbase’s regional managing director for the Asia-Pacific (APAC) region.
Coinbase is making a renewed effort to enter the Indian market after its initial attempt in April 2022 was halted due to issues with the National Payments Corporation of India, which did not approve its support for the Unified Payments Interface (UPI). Reports indicated that the Reserve Bank of India informally pressured the organization to block Coinbase’s entry. This time, Coinbase sees India as a promising market for crypto regulation and innovation in blockchain technology, mainly due to its thriving startup ecosystem and the significant growth in its share of global developers, increasing from 3% in 2018 to 12% in 2023.
“India’s developer community and entrepreneurial energy are unmatched. But too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that,”
O’Loghlen added.
The announcement coincided with a strategic move by ARK Invest, the investment firm led by Cathie Wood, which purchased over 64,000 Coinbase shares worth approximately $10.5 million on March 10.
Meanwhile, In September 2024, the FIU considered approving two foreign-based crypto exchanges to operate in the country by March 2025, reviewing applications from four undisclosed offshore exchanges. Notably, Binance resumed operations in India in August 2024 after paying a $2.25 million fine for regulatory violations.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
