Coinbase, the largest cryptocurrency exchange of U.S. is all set to return to India by resuming their operations after a gap of almost two years. Coinbase recently registered with the Financial Intelligence Unit (FIU), allowing it to legally offer crypto trading services in the country.
The company announced on Tuesday that it plans to launch retail trading services later this year, followed by further investments and new product offerings. However, it hasn’t provided an exact timeline yet.
Coinbase is making its return at a time when cryptocurrency interest in India is at an all-time high. Many young investors are trying their hand at digital assets, hoping to make extra income. Other major crypto platforms like CoinDCX, Binance, and KuCoin are already operating in the country and attracting a growing user base.
“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.
In India, crypto exchanges must register with the FIU and follow anti-money laundering rules. Still, the government hasn’t set clear crypto laws. On top of that, traders face a high 30% tax on profits, which is one of the highest globally.
The way the Indian government views crypto seems to be changing, especially because of global trends and Donald Trump’s recent election win in the US. Some leaders in India are hinting that the country might update its crypto policies based on what’s happening worldwide.
With Coinbase planning to return to India, crypto traders there could soon have more options, better ways to trade, and maybe even clearer rules to follow.
Also Read: ByBit Resume Trading Services In India After Regulatory Approval
