Leading crypto exchange, Coinbase is working on its re-entry into the Indian market. The platform has been in discussions with various government departments to resume its operations in the country.
Coinbase Plans Comeback in India
Sources suggest that Coinbase is in talks with several Indian authorities, including the Financial Intelligence Unit (FIU), which regulates financial transactions. For the relaunch, Coinbase will need to secure a license from the FIU, an essential step to operate in India, the world’s most populous nation.
It is worth mentioning that it’s been over a year since Coinbase officially suspended its services in India.
Coinbase originally launched its services in India in 2022, but its operations were ‘cut short’ just three days later after India’s National Payments Corporation (NPCI) did not recognize the exchange. Coinbase CEO Brian Armstrong later revealed that the company faced ‘informal pressure’ from the Reserve Bank of India, leading to the suspension of trading. Although crypto trading is legal in India, many lenders hesitate to work with crypto firms due to concerns about the central bank’s stance.
“Coinbase is excited about the opportunities in the Indian market and intends to comply with all regulatory requirements,” stated a company spokesperson.
Coinbase’s renewed interest in India aligns with its broader international expansion strategy, as noted by Coinbase CFO Alesia Haas at a recent Goldman Sachs conference.
Notably, Coinbase’s efforts to re-enter the Indian market come on the heels of Binance’s successful return in August 2024. Binance resumed operations after registering with the FIU following a seven-month regulatory pause.
Also Read: India Imposes 70% Tax Penalty on Unreported Crypto Gains
Source: https://www.cryptonewsz.com/coinbase-plans-re-entry-into-india/