After a two-year hiatus, Coinbase reopens app registration in India, currently allowing only crypto-to-crypto trades. Fiat on-ramp expected in 2026. In 2022, support for UPI payment network was shut down due to NPCI refusal. Operations ceased for Indian users in 2023, requesting account offloading.
Coinbase interacted with FIU, registered this year, began onboarding users in October, now open to all. India attracts internet companies, yet strict regulations hinder crypto growth. Crypto income taxed at 30% with 1% transaction fee. Coinbase hopes for tax relaxation to encourage digital asset holding.
Despite challenges, Coinbase optimistic about India, investing in CoinDCX at $2.45B valuation. Plans to expand team, focusing on local and global markets. Aiming to be a trusted exchange with user-friendly experience akin to popular Indian apps.
Read more at AFP
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