New Era for Coinbase in India: Secures Approval to Re-enter Market
Coinbase has officially received approval from India’s Financial Intelligence Unit (FIU), marking a significant milestone for the exchange as it prepares to re-establish its presence in the country’s crypto market.
Re-entry into the Indian Market
- On March 11, Coinbase announced its plans to launch retail trading services in India later this year.
- The exchange aims to make further investments and introduce new products in the market.
- This move follows a previous unsuccessful attempt by Coinbase in 2022 to establish itself in India.
Commitment to Compliance and Innovation
Coinbase’s renewed effort to enter the Indian market emphasizes its commitment to collaborating with regulators to ensure responsible crypto adoption.
The company views securing FIU registration as a crucial step in its global expansion strategy, focusing on compliance, security, and fostering innovation in a regulated environment.
India’s Growing Crypto Ecosystem
Coinbase sees India as a strategic market due to its flourishing technology sector and increasing blockchain developer community.
Market Potential and Regulatory Compliance
- John O’Loghlen, Coinbase’s Regional Managing Director for APAC, highlights India’s potential as a market filled with opportunities.
- He stresses the exchange’s commitment to operating within the regulatory framework of the country.
Rising Popularity of Digital Assets in India
Coinbase’s decision to re-enter the Indian market aligns with the growing interest in digital assets among local investors.
India as a Global Hub for Blockchain Development
- India has witnessed a significant increase in blockchain developers, with its share rising from 3% in 2018 to 12% in 2023.
- The country boasts the highest concentration of on-chain talent among emerging markets.
Empowering Local Entrepreneurs
O’Loghlen believes that crypto can empower Indian entrepreneurs to build global companies without having to look overseas.
“Crypto can change that. By expanding access to our trusted platform and tools such as Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally.”
