Key Points
- The India registration will allow Coinbase to provide Bitcoin and crypto trading services in the country.
- The exchange will roll out its retail trading platform in India this year with additional offerings.
Coinbase Global is making moves to expand its crypto services globally. According to the latest reports, the crypto exchange has registered with India’s Financial Intelligence Unit (FIU) which will allow it to provide crypto trading services in the region.
Coinbase Expansion in India
According to Bloomberg’s official notes, besides making efforts to provide crypto trading to Indian users, Coinbase also plans to roll out its retail trading platform there later this year, along with more investment and product offerings.
This is reportedly the second attempt that the crypto exchange has to expand its crypto services into India. Back in 2022, Coinbase integrated with Undia’s Unified Payments Interface (UPI) to allow customers to buy crypto using Indian rupees.
However, three days following the launch, the exchange discontinued the service after the entity running UPI claimed that it was not aware of any crypto exchange using the network.
India – A Huge Global Market Opportunity
Bloomberg quoted John O’Loghlen, Coinbase’s regional managing director for APAC, who said that India represents one of the most exciting market opportunities in the world, and the team is happy to deepen investment in the regions, fully complying with regulations.
Coinbase data shows that India’s share of global blockchain developers surged from 3% in 2018 to 12% in 2023, offering the nation the highest rate of specialists among emerging markets and making this a strategic priority for the crypto exchange.
The Deccan Herald Indian English-language daily newspaper noted recently that India will become the largest global Web3 developer hub by 2028.
Back in 2022, India rolled out a tax regime enforcing a 30% levy on any income from crypto and a 1% tax deduction at source (TSD) amidst regulatory concerns and analysis of the crypto industry.
At the time, high-frequency traders and market makers fled local exchanges, leading to a decrease in local trading volumes.
But with Coinbase’s latest move, the Indian market will see a boost in activity.
Besides Coinbase, Binance, Bybit, and KuCoin have already registered with the FIU to offer trading services in India, regardless of its harsh tax regime.
Crypto adoption in India is intensifying alongside a boost in crypto regulations and adoption in the US and EU.
Coinbase recently announced new crypto offerings for users in the US.
