The Coinbase has officially resumed operations in India after almost two years. On March 11, the US -based Crypto Exchange announced registration with India’s Financial Intelligence Unit (FIU), which is an essential step for all crypto firms working in the country. Highlighting India’s growth as a global tech powerhouse, the Coinbase emphasized the important role of the country in the web 3 expansion.
With its FIU-India registration, Coinbase can now legally offer crypto trading for the world’s largest population. In the coming months, the exchange plans to expand its offerings with new retail services, investment products and more in India.
“India today represents one of the most exciting market opportunities in the world, and we are proud to deepen our investment here in full compliance with local rules,” John O’Loglane said, as the Regional Managing Director of APAC in the coinbase Comment On development.
Coinbase highlighted India’s growing web 3 developer community, which has expanded by 3 percent in 2018, up to 12 percent in 2023.
Beyond trading services, the coinbase is also offering its base blockchain in India, providing the developers to build and innovate the low cost, safe layer -2 platforms on the atherium.
“Many times, young Indian entrepreneurs have felt forced to look abroad for the manufacture of global companies. Crypto can change it, “O’Loglane noted. “With equipment such as base, we aim to stay home, innovate at home, innovate at home and strengthen a scale world level.”
Back in February, Gadgets 360 reported that the coinbase started discussing with potential partners to introduce UPI-Linked Services in the country. In order to support its UP-SAC services, the company was allegedly prioritizing partnership with local firms for major services such as KYC verification.
Between April 2022 and September 2023, the Coinbase faced legal obstacles in India. After announcing the UPI-based crypto procurement in 2022, the National Payments Corporation of India (NPCI) said the exchange had not demanded approval for UPI integration, allowing the coinbase to stop its services in 2023.
Its return to India follows the appointment of Paul Grewal, the Chief Legal Officer of the Coinbase, Paul Grewal on the US-India Business Council (USBC) board. Established in 1975 and located in Washington, DC, USBC promotes commercial relations between the two countries. Coinbase expressed optimism about actively contributing to this dialogue to proceed in this dialogue.
