Coinbase Resumes Trading in India, Reintroduces Rupee-Pegged Services After Two-Year Hiatus

Coinbase Expands Services in India, Allowing Rupee-Based Trades

Coinbase, a U.S.-listed cryptocurrency exchange, has announced the expansion of its services in India by allowing users to make trades using the rupee. This marks a significant development in the company's operations in Asia's third-largest economy.

According to Coinbase, customers in India can now deposit and withdraw rupees through the immediate payment service channel. This move provides users with greater flexibility and convenience when engaging with the platform. In addition to rupee-based deposits and withdrawals, customers will also have access to spot trading across a range of assets, including perpetual futures contracts covering major crypto assets.

Coinbase's decision to expand its services in India follows a significant development in the country's regulatory landscape. The company had discontinued its services in India in 2023 but resumed crypto trading last year after registering with the Financial Intelligence Unit. This move has been made possible by the country's evolving regulatory framework, which requires crypto exchanges to comply with its anti-money laundering rules.

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India's crypto market has been growing rapidly, with the country levying a 30% tax on crypto trading gains, one of the highest globally. Despite the absence of clear regulations for the asset class, India has emerged as a key market for crypto adoption, with a large developer talent pool and significant trading activity.

John O'Loghlen, Coinbase's regional managing director for Asia Pacific, has highlighted India's importance in the global crypto market, citing the country's developer talent, trading activity, and broader adoption of blockchain technology. This move by Coinbase is a testament to the growing demand for crypto services in India and the company's commitment to expanding its presence in the region.