- Coinbase is re-engaging with Indian regulators to restart operations after halting services in 2022 due to UPI payment issues.
- The company expands globally with licenses in the UK and Argentina, focusing on better local support and payment options.
After closing most of its operations in India in 2022, crypto exchange Coinbase is currently in serious talks with Indian banking regulators about re-entering the country’s market. Given the several difficulties Coinbase had in the land of Bollywood, this phase was not taken easily.
BREAKING:
COINBASE TO RE-ENTER INDIA !! pic.twitter.com/zzeiXi3Xju
— Ash Crypto (@Ashcryptoreal) February 13, 2025
India’s Crypto Puzzle: Coinbase’s Second Attempt
Who could forget April 2022 Coinbase’s introduction into India? They arrived at that point totally excited and provided the ease of buying crypto assets using the Unified Payments Interface (UPI) payment system. Still, in just three days that optimism vanished.
Unbelievably, the National Payments Corporation of India (NPCI) said they knew of no crypto exchanges running UPI. Coinbase was thus obliged to apply the emergency brake.
The corporation did not give up, though. They are currently in correspondence with India’s Financial Intelligence Unit (FIU) seeking the required licenses. Rekindling a relationship that was once strained takes time, patience, and, of course, new trust.
Breath-draining Regulations and Taxes
Although cryptocurrency is not banned in India, the government has put rules that can cause wrinkles on your forehead. Every profit from crypto trading is liable to a 30% tax plus a 1% direct deduction for each transaction. It doesn’t stop there; Indian banks also usually avoid dealing with companies founded on cryptocurrencies. This all forces Coinbase to create a more flexible and intelligent plan.
Furthermore, adding to the difficulties are rules that are not yet absolutely apparent. Still, Coinbase thinks the Indian market has too great potential to be missed. India is like a gold mine that has not yet been thoroughly explored, given more than 1.4 billion people and growing interest in digital assets.
Footsteps in the Global Market
The steps Coinbase takes in India are not the only ones towards their worldwide development. CNF has previously reported that Coinbase had registered in the UK under the Financial Conduct Authority (FCA). This license helps them to establish their presence in Europe by letting them provide crypto services straight in the UK market.
Besides that, Coinbase has also effectively registered as a Virtual Asset Service Provider (VASP) in Argentina. With this new status, Coinbase can now offer improved customer support in Spanish along with more local payment options in Argentine pesos.
As part of this growth strategy, they brought on Matías Alberti to lead their expansion efforts in Argentina. Alberti brings solid experience from his work with financial firms like Buenbit and Clara.
Crypto Frontiers: Coinbase Eyes India Again
India is not a simple market. Coinbase seems to have developed a fresh plan, nevertheless, to handle it. By means of rigorous communication with authorities and a more circumspect attitude, they want to steer clear of the risks that have previously tripped them.
Just consider, should India open doors to Coinbase, this may be a significant turning point in crypto acceptance within that nation.
