United States of America-based cryptocurrency exchange, Coinbase is set to re-enter India’s cryptocurrency market after securing a key business approval. The exchange on Tuesday disclosed that it has registered with the Financial Intelligence Unit (FIU) of India.
More so, Coinbase made the announcement through an official blog post, providing crucial details on the license. The crypto trading platform said the license will enable the company to offer virtual assets services in India.Â
Recall that Coinbase first launched in India in 2022, but the hostile regulatory atmosphere in the country forced the exchange to quit. Initially, the crypto trading platform offered support for UPI payment system, however, the National Payment Corporation of India refused to acknowledge Coinbase, leading to its exit.
With its return, Coinbase explained that it is working to launch its retail products for digital assets and other investment opportunities in the country before the end of the year. Furthermore, the exchange highlighted how the development “reinforces its commitment to compliance and responsible growth in the country.
The crypto exchange went on to discuss its commitment to enhancing financial liberty across the globe. To achieve this goal, Coinbase stated that it is working to establish a business presence in markets with proper regulations that support innovation within the sector.
Similarly, Coinbase narrated how India in recent years has matured into one of the best crypto startup ecosystems. Thus, this posture according to the exchange is in line with its global expansion efforts.
The re-entry into India’s crypto hub coincides with the appointment of Coinbase’s Legal Officer, Paul Grewal to the Board of the US-India Business Council (USIBC). As indicated, the appointment of the executive underlines how Coinbase is playing an active role in boosting trade ties between the countries.
Coinbase is working to improve local investment in India – John O’Loghlen
The Regional Managing Director for APAC at Coinbase, John O’Loghlen provided insight into the regulatory approval from the FIU. O’Loghlen said the exchange is ready to invest in cryptocurrency hubs that believe in the potential of the blockchain and crypto sector.
In addition, the executive revealed how India is one of the exciting cryptocurrency and blockchain hubs around. He reflected on how the exchange is willing to make more investments in the region while complying with local standards.
O’Loghlen demonstrated how Coinbase is willing to enhance access to its platform and key tools including Base blockchain to empower a new generation of developers in the country. According to him, entrepreneurs will no longer see the need to move abroad to establish their businesses.
Meanwhile, crypto enthusiasts in India are optimistic that the presence of a reputable industry leader in the country will rebuild users’ trust. The cyber attack that claimed $234.9 million from Indian-based cryptocurrency exchange, WazirX led to a downturn in interest in digital assets.
Also, the 30% tax on digital assets profits and another 1% on every transaction affected the sector. Nevertheless, Coinbase as a global industry leader is tipped to work alongside other market participants to push the crypto sector in India to new heights.