One of the biggest cryptocurrency exchanges in the world, Coinbase Global, has registered with India’s Financial Intelligence Unit (FIU), opening the door for its entry into the expanding digital asset market in that nation. On Tuesday, the business reaffirmed its intention to introduce retail trading services later this year, with other investment products to follow.
The move indicates a fresh push into India’s crypto scene, where demand in digital assets continues to increase despite regulatory uncertainties, even if Coinbase has not announced a clear date for its implementation.
Coinbase’s choice to open offices in India coincides with a growing trend of cryptocurrency acceptance, especially among younger investors. Even though India is still debating the legal framework for virtual assets, many retail traders have resorted to cryptocurrencies as an alternate investing route.
“India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations,” said John O’Loghlen, Coinbase’s regional managing director for Asia Pacific.
Coinbase will increase competition in an already crowded market by joining other cryptocurrency exchanges that are currently operational in India, such as CoinDCX, Binance, and KuCoin.
Crypto exchanges and other providers of virtual digital asset services are required under Indian law to register with the FIU as reporting organizations and adhere to anti-money laundering guidelines. This guarantees that websites such as Coinbase function in accordance with more stringent regulations intended to reduce financial crimes and enhance transparency.
However, with a 30% tax on trading gains and a 1% tax deducted at source (TDS) on transactions, India’s crypto tax laws continue to be among the most stringent in the world. Notwithstanding these obstacles, the nation’s sizable pool of individual investors and expanding fintech acceptance make it a desirable market for foreign exchanges.
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