Coinbase Announces Return to Indian Market Following FIU Approval
Coinbase is set to re-enter the Indian cryptocurrency market after receiving approval from the Financial Intelligence Unit (FIU).
Coinbase Announces Return to Indian Market Following FIU Approval
Coinbase seems ready to re-enter the Indian crypto space following regulatory approvals from the Financial Intelligence Unit (FIU). The announcement was made formally on March 11, 2025. With this approval, Coinbase can register as a virtual digital asset service provider in India, allowing them to launch retail services and introduce investment products tailored for the Indian market.
The announcement comes soon after the US Securities and Exchange Commission (SEC) dropped a lawsuit against the company.
John O’Loghlen, Managing Director for Asia-Pacific at Coinbase, stated:
“India represents one of the most exciting market opportunities in the world today.”
(Translation: India is one of the most thrilling market opportunities globally.)
Coinbase’s data indicates that the percentage of blockchain developers in India increased significantly, from just 3% in 2018 to 12% in 2023, placing India at the top of emerging markets in this area.
In a recent statement, Coinbase also noted:
“India represents one of the world’s most dynamic markets for crypto and on-chain innovation. We have registered with India’s Financial Intelligence Unit (FIU), enabling us to offer crypto trading services in the country.”
(Translation: India is one of the most vibrant markets for cryptocurrency innovation. We are now registered with the FIU to provide crypto trading services.)
Coinbase’s Previous Encounter with Indian Regulations
Coinbase began operations in India in April 2022 but faced regulatory hurdles, including a ban on using the Unified Payments Interface (UPI) stated by the National Payments Corporation of India (NPCI). Following this, Coinbase suspended most of its operations, with CEO Brian Armstrong commenting on the challenging regulatory environment in India.
Resumption Amid Policy Shifts
The Indian government’s stance on cryptocurrency has fluctuated, with several exchanges facing bans, including Binance, Bybit, and KuCoin. However, these companies have also been attempting to return after complying with FIU regulations. The Indian crypto market, characterized by a young, tech-savvy population, presents a large growth opportunity, albeit with significant obstacles like high taxation policies.
Key Takeaways:
- Coinbase gets the green light from the FIU to re-enter India’s cryptocurrency market.
- High taxes are a barrier for new investors.
- Major exchanges, including Binance and KuCoin, are also resuming operations after meeting FIU requirements.
