Coinbase Global, one of the world’s largest cryptocurrency exchanges, has registered with India’s Financial Intelligence Unit (FIU), paving the way for its entry into the country’s growing digital asset market.
Coinbase Global, a major cryptocurrency exchange, has registered with India's Financial Intelligence Unit (FIU), a crucial step towards launching its services in the country later this year.
The company, already a giant in the crypto domain, confirmed its plans to introduce retail trading services and additional investment products in India. While Coinbase didn't disclose a precise timeframe for the launch, it hinted at the possibility of starting later in 2024.
Coinbase's foray into India comes amid a burgeoning interest in crypto among younger generations. As the country continues to perfect its regulatory landscape for virtual assets, many retail traders have shown enthusiasm for cryptocurrencies.
“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 Asia Pacific.
Coinbase will be joining existing crypto exchanges in India, like CoinDCX, Binance, and KuCoin, creating an even more competitive landscape for crypto traders in the country.
According to Indian law, virtual digital asset service providers must register with the FIU as reporting entities and adhere to the country's anti-money laundering regulations. This ensures that platforms like Coinbase operate under stricter, more closely monitored guidelines to combat financial crime and promote transparency.
Despite having some of the world's strictest taxation policies on crypto, with a 30% tax on trading gains and a 1% tax deducted at source (TDS) on transactions, India remains an appealing market for international exchanges. This is due to India's vast population of retail investors and its burgeoning fintech adoption.
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