Coinbase Global Expands Into India, Targeting the Country's Booming Crypto Market

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

Coinbase, 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 global crypto scene, is now actively applying for a license from the INDIA Financial institutions. As Coinbase pivots towards new markets, its decision to enter India signifies a significant development in the country's rapidly evolving financial landscape.

Despite a ban on cryptocurrencies by the INDIA Supreme Court in 2018, which was later overturned, India has seen a burgeoning interest in digital assets, especially among younger generations seeking alternative investment avenues.

However, India's taxation policies on crypto remain among the strictest globally, with a 30% tax on trading gains and a 1% tax deducted at source (TDS) on transactions.

"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 join existing crypto exchanges in India, such as CoinDCX, Binance, and KuCoin, which already serve the Indian market. These platforms will now be subject to even stricter reporting obligations under the new legislation.

Under Indian law, virtual digital asset service providers are required to register with the FIU as reporting entities and comply with anti-money laundering regulations. This ensures that platforms like Coinbase operate under tighter guidelines to mitigate financial crime and promote transparency.

While Coinbase did not disclose a specific timeline for its launch, the company is set to introduce retail trading services later this year, followed by additional investment products.