Coinbase is working with Indian regulators, including the Financial Intelligence Unit of India (FIU-IND), to re-establish its presence in the market after a year-long hiatus.
The company had stopped registering new users in India since June 2023 due to the stringent regulatory environment and banking difficulties faced by cryptocurrency companies.
India has been imposing taxes on digital assets, including a 1% tax deduction on cryptocurrency transactions and a 30% capital gains tax since 2022.
However, international developments, such as the US’s increasingly pro-crypto stance, have prompted India to re-evaluate its regulations.
Binance, one of Coinbase’s main competitors, successfully re-established its operations in India in mid-2024 after resolving compliance issues.
With global companies increasingly active in the Indian market, the country’s crypto sector appears poised for a new phase of development.
In another context, Coinbase’s subsidiary, CB Payments Ltd, has obtained a license from the UK’s Financial Conduct Authority (FCA) to provide crypto services, strengthening its position as a major provider of digital assets in the UK, its largest international market.
