Nikolas Sargeant
Coinbase is preparing for its return to India after successfully securing registration with the country’s Financial Intelligence Unit (FIU). This marks a significant step forward for the cryptocurrency exchange, which had initially suspended its operations in India in 2022 due to mounting regulatory pressure. With the FIU’s approval, Coinbase is now set to reintroduce its trading services in the Indian market, beginning with retail offerings later this year.
The exchange's return to India is part of a larger strategy to tap into one of the world’s most dynamic markets. Coinbase had withdrawn from India after facing pressure from the Reserve Bank of India and other regulators, but with FIU registration in hand, the company aims to expand its presence. John O’Loghlen, Coinbase’s Regional Managing Director for APAC, emphasized the company's excitement about the Indian market, calling it one of the most promising opportunities globally.
India’s Growing Crypto Acceptance
The re-entry into India marks a broader trend where international crypto exchanges are now seeking regulatory approval in the country to operate. Coinbase’s plans go beyond just trading services; the company also intends to introduce a wider array of products in the coming months, strengthening its footprint in the region. In addition, the company sees significant potential in India’s growing Web3 ecosystem and large developer pool, which could fuel further innovation.
With the approval from the FIU, Coinbase joins a growing list of foreign crypto firms, including Kraken and ByBit, that have managed to obtain the necessary licenses to operate in India. This move signals a new phase of regulatory clarity in India’s crypto landscape, allowing global players to return and invest in the country's rapidly developing digital economy.
