After more than two years of hiatus, cryptocurrency exchange Coinbase has launched its app for registration in India. For now, users can trade between cryptocurrencies, but speaking at India Blockchain Week (IBW), Coinbase APAC Director John O'Loren said the company will open a fiat onramp in 2026, allowing users in India to top up with money and buy cryptocurrencies.
Coinbase launched in India in 2022, but had to stop supporting the Unified Payments Interface (UPI) payment network within days. The move comes after UPI operator National Payments Corporation (NPCI) refused to acknowledge Coinbase's presence in the country. In late 2023, Coinbase ceased all operations for users in India and asked them to offload their accounts.
“Historically, we had millions of customers in India, but we took a very clear stance to completely offboard those customers from overseas entities where they were resident and regulated, because we wanted to kind of burn the boat.” [sic]give yourself a clean slate here. “As a commercial businessman and an active user who wants to make money, that's kind of the last thing you should do, so you know it's not without some hesitation,” O'Lauren said.
The company began working with the Financial Intelligence Unit (FIU), a government agency that oversees transactions and fraud, and ultimately registered this year. We started enrolling users in early access in October, and the app is now open to all users.
Many internet companies are setting up operations in India to take advantage of the world's second-largest online user base. While social platforms and AI companies like OpenAI have seen rapid growth in the market, strict regulations and taxes surrounding cryptocurrencies have made it difficult for crypto companies to follow the same path.
India imposes a 30% tax on crypto income without loss offset and also imposes a 1% deduction on each transaction, which could discourage users from trading frequently. Mr O'Lauren said he would like to see the government ease taxes to ease the burden of owning digital assets.
Despite these challenges, Coinbase seems hopeful about India. The company's venture arm has injected more capital into local exchange CoinDCX at a post-money valuation of $2.45 billion. The company also plans to strengthen its team of over 500 people in the country by hiring people to fill multiple roles, focusing on both domestic and global markets.
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“I think we want to be known as a trusted exchange. Make sure your funds are safe with us,” O’Lauren said. “If we don't have a very good UI, a reliable experience that you can start using in minutes, just like we know from Indian super apps like Zepto and Flipkart, we're not going to bring it to the masses.”