Coinbase Pursues Indian Market Re-Entry Amid Challenges

Coinbase, the US-based cryptocurrency exchange, is actively pursuing re-entry into the Indian market after halting operations in 2022 due to regulatory challenges. The company is engaging with Indian authorities, including the Financial Intelligence Unit (FIU), to secure necessary approvals and comply with local regulations. This move follows a previous attempt to launch services in India, which was suspended after just three days due to non-acknowledgment by India's National Payments Corporation. Despite India's stringent regulatory environment, including a 30% tax on crypto income, Coinbase remains optimistic about the opportunities in the Indian market. The exchange's efforts align with a broader global expansion strategy, as highlighted by its Chief Legal Officer, Paul Grewal, joining the US-India Business Council. The timeline for Coinbase's relaunch in India remains uncertain as it awaits necessary regulatory clearances.