Coinbase has recently received approval from India’s Financial Intelligence Unit (FIU), paving the way for its re-entry into the country’s crypto market. The exchange made the announcement on March 11, revealing its plans to launch retail trading services later this year, with additional investments and product rollouts on the horizon.
This development marks a fresh attempt by Coinbase to establish a presence in India, following a previous unsuccessful effort in 2022. However, this time around, the company seems to be approaching the market with a different strategy, emphasizing its commitment to working closely with regulators to ensure responsible crypto adoption.
By obtaining FIU registration, Coinbase has reached a significant milestone in its global expansion strategy, reinforcing its focus on compliance, security, and promoting innovation within a regulated environment.
India is viewed as a key market by Coinbase due to its thriving technology sector and growing blockchain developer community. John O’Loghlen, Coinbase’s Regional Managing Director for APAC, highlighted India’s potential as a market full of opportunities. He reiterated the exchange’s dedication to operating within the regulatory framework set by the country.
The renewed push by Coinbase comes at a time when digital assets are gaining popularity among Indian investors. The exchange also pointed out that India has become a global center for on-chain development, with the country’s share of blockchain developers increasing from 3% in 2018 to 12% in 2023. India boasts the highest concentration of on-chain talent among emerging markets.
O’Loghlen praised the strength of India’s developer community but noted that many entrepreneurs have typically looked abroad to scale their projects. He believes that cryptocurrency can change this trend by enabling innovators to build within India while reaching a global audience.
In his words, “Too often, young Indian entrepreneurs have felt compelled to seek opportunities abroad to build global companies. Crypto has the power to change that. By expanding access to our trusted platform and tools like Base, we aim to empower a new generation of builders to innovate locally, scale globally, and contribute to India’s growth on a global scale.”
Overall, Coinbase’s entry back into the Indian crypto market signifies a significant step towards fostering responsible crypto adoption and innovation in the region. With its focus on compliance and working closely with regulators, the exchange aims to play a pivotal role in India’s evolving crypto ecosystem.