Coinbase Eyes Comeback in India
Coinbase is reportedly making moves to reestablish its presence in India, a rapidly expanding crypto market.
According to TechCrunch, Coinbase is in discussions with Indian regulators, including the Financial Intelligence Unit (FIU), to obtain the necessary approvals for resuming operations in the world's most populous country.
After launching operations in April 2022 with support for the United Payments Interface (UPI), Coinbase was forced to suspend them after the National Payments Corporation of India (NPCI) declined to authorize transactions. This prompted the exchange to reassess its strategy for the Indian market.
Speaking to TechCrunch, Coinbase representatives expressed strong interest in India’s potential and emphasized their commitment to complying with local regulations. This signals the company’s clear intention to return and operate in full alignment with Indian laws.
Related: India Sets Its Sights on Competing with the Crypto Industry
This move comes as India’s regulatory landscape continues to evolve. Other global exchanges, including Binance and Bybit, have successfully registered with the Financial Intelligence Unit (FIU), enabling them to resume operations after temporary suspensions. Binance, for instance, reentered the Indian market after paying fines and meeting regulatory requirements, setting a precedent for other industry players.
Coinbase’s return could have a significant impact on the growth of India's crypto sector, where demand for digital assets has slowed due to high taxes and regulatory complexities. The company is expected to collaborate with local partners and industry experts to facilitate market integration, which could, in turn, strengthen investor confidence and drive broader adoption.
Related: Digital Rupee to Shape India’s Future Economy
If all requirements are met, Coinbase’s return could act as a catalyst for the broader integration of global crypto exchanges into India’s rapidly evolving economy and enhance access to modern financial technologies for millions of users.
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