MUMBAI, March 11 (Reuters) – Coinbase Global (COIN.O), a U.S.-based cryptocurrency exchange, has registered with India’s Financial Intelligence Unit (FIU). This registration allows Coinbase to offer crypto trading services within the country, the company announced on Tuesday.
Coinbase stated it intends to launch its initial retail services in India later this year. Further investments and products are planned after the initial rollout, although a specific timetable hasn’t been disclosed.
Coinbase’s move into India coincides with a surge of interest in cryptocurrencies, with many young Indians exploring crypto trading and attending trading academies to supplement their income.
Other crypto exchanges that are currently operating in India include CoinDCX, Binance, and KuCoin.
“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.
Indian regulations require virtual digital asset service providers, such as crypto exchanges, to register with the FIU as a reporting entity. They must also comply with obligations mandated under the country’s anti-money laundering rules.
While India imposes a 30% tax on crypto trading gains, which is among the highest globally, the country has yet to establish comprehensive regulations for the asset class.
According to a senior official who spoke to Reuters last month, India is actively reconsidering its stance on cryptocurrencies. This reevaluation is influenced by global regulatory changes and recent policy shifts in the U.S.
