In this news:
US-based cryptocurrency exchange Coinbase has registered with the Financial Intelligence Unit – India (FIU-IND) to offer cryptocurrency trading services in the nation, according to a Reuters report.
The company plans to introduce its initial retail services later in 2025, followed by further investments and products. However, it has not provided a well-defined timeline for the same.
“India is one of the most exciting markets today, and we are proud to deepen our investment here while staying fully compliant with local regulations,” said John O’Loghlen, the Asia Pacific Managing Director for Coinbase.
The cryptocurrency company’s foray into India comes at a time when interest in the virtual digital asset is witnessing a crest in the country – with many young Indians venturing into the crypto domain to buttress their regular income sources.
Crypto Platforms In India
With its registration, Coinbase joins cryptocurrency exchanges such as CoinDCX, Binance, and KuCoin, which are already operating in India.
Notably, cryptocurrency exchanges in the country must first register with the FIU-IND as reporting entities, in addition to complying with anti-money laundering regulations.
Recently, the crypto platform Bybit had to pay ₹9.3 crore for failing to adhere to these regulations. This came shortly after the company suffered the largest crypto heist globally.
Furthermore, Binance resumed its India operations in August last year after registering with the FIU-IND, following a seven-month period in the wilderness due to regulatory violations.
Why It Matters
Coinbase’s entry into the Indian crypto market comes at a very crucial juncture for the digital asset in the country, as Indian authorities are reviewing their stance on cryptocurrency in light of policy shifts on a global scale.
Last month, the Department of Economic Affairs (DEA) secretary Ajay Seth revealed that India would be revisiting its cryptocurrency regulatory framework, given the evolving global scenario.
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