Coinbase is working to re-establish its presence in India after halting operations over a year ago.
According to TechCrunch, the U.S.-based crypto exchange is engaging with Indian authorities, including the Financial Intelligence Unit (FIU), as it seeks regulatory approval.
Coinbase initially entered India in April 2022, launching with support for the Unified Payments Interface (UPI).
However, just days later, it suspended services after the National Payments Corporation of India refused to recognise its operations.
CEO Brian Armstrong later attributed the halt to informal pressure from the Reserve Bank of India.
While crypto trading is not illegal, banks have largely avoided working with digital asset firms to align with the central bank’s stance.
Coinbase’s renewed push follows Binance’s successful return to India last year after registering with the FIU.
The agency had previously flagged Binance, Kraken, and other platforms for operating without authorisation.
Many have since complied with disclosure requirements, a step Coinbase is expected to take.
The timing of its return depends on securing regulatory approvals, including an FIU license.
A company spokesperson confirmed Coinbase’s commitment to complying with local laws but did not provide an update on its registration status.
Beyond India, Coinbase is expanding globally. CFO Alesia Haas recently outlined its international ambitions, while Chief Legal Officer Paul Grewal joined the U.S.-India Business Council to strengthen ties between the two nations.
Grewal highlighted India’s rapidly growing Web 3.0 ecosystem, with a booming developer community and increasing institutional adoption.
Despite its potential, India remains a challenging market due to strict crypto taxation policies.
The government imposed a 30% tax on crypto income and a 1% deduction per transaction in 2022, stifling local trading activity.
Featured image credit: Edited from Freepik
