Key Developments for Coinbase in India
- •Coinbase has resumed crypto trading services in India following a temporary halt in 2023.
- •The platform intends to introduce fiat deposit capabilities for Indian users by 2026.
- •Coinbase is increasing its investment in CoinDCX and has formed a partnership with the Karnataka government.
Resumption of Services and Future Plans
Coinbase has reopened its app registration in India, resuming services after halting operations in 2023. The platform now allows crypto-to-crypto trading but does not yet support fiat deposits. This development follows Coinbase’s successful registration with the Financial Intelligence Unit (FIU) earlier this year.
The company paused Indian operations in 2023 after regulatory pushback on using the Unified Payments Interface (UPI). Coinbase then off-boarded millions of users and shut access to comply with local laws. Since then, the firm has taken a compliance-first approach to reenter the Indian market.
In October, Coinbase allowed limited access through an early program before fully reopening registrations in December. During India Blockchain Week, the company confirmed it will introduce fiat deposits by 2026. This will enable Indian users to purchase cryptocurrency directly using local currency.
Coinbase Expands Investment, Workforce, and Local Partnerships
Despite strict tax policies, Coinbase remains committed to long-term expansion in India’s growing digital asset market. The platform faces a 30% tax on gains and 1% TDS on each transaction. These rules have slowed trading volumes but have not stopped investor interest.
Coinbase’s investment arm increased its stake in Indian exchange CoinDCX, now valued at $2.45 billion. The company also employs over 500 people in India and plans to expand this workforce across local and global projects. This move reflects its continued focus on building local infrastructure and product support.
Coinbase signed a partnership with the Karnataka state government to promote blockchain innovation. The agreement includes training developers, supporting startups, and raising public awareness of blockchain use cases. These steps indicate Coinbase’s broader strategy to strengthen its presence beyond trading services.
India remains a priority despite regulatory hurdles due to its rapid crypto adoption and tech-savvy population. Coinbase is not alone, as other exchanges like Binance and Bybit also resumed operations recently. The company aims to serve India’s growing user base with a secure and compliant platform.