After more than two years of inactivity, Coinbase has reintroduced its app for registrations in India. Currently, users can engage in crypto-to-crypto trades, but during the India Blockchain Week (IBW), the company’s APAC director, John O’Loghlen, announced plans to launch a fiat on-ramp in 2026. This will enable Indian users to deposit funds and purchase cryptocurrencies.
Coinbase initially launched its services in India in 2022, but shortly thereafter, it had to suspend support for the Unified Payments Interface (UPI) after the National Payments Corporation of India (NPCI) did not recognise its operations. By early 2023, the exchange ceased all services for Indian customers, prompting users to liquidate their accounts.
O’Loghlen highlighted that Coinbase had previously held millions of accounts in India but opted to off-board these customers to ensure compliance with local regulations. He expressed that this decision, although commercially risky, was necessary for a fresh start in the country.
In an effort to establish a foothold in India, Coinbase has engaged with the Financial Intelligence Unit (FIU) and successfully registered with them this year. As of October, the app has been made accessible to all users following a phased early access rollout.
While many tech companies, including social media and AI firms like OpenAI, have successfully entered the Indian market, cryptocurrency companies face significant challenges due to stringent regulations and taxation. India imposes a hefty 30% tax on crypto earnings without any capacity to offset losses, alongside a 1% tax on each transaction. O’Loghlen has expressed hope that the government will reconsider its taxation policies to encourage more people to engage with digital assets.
Despite these hurdles, Coinbase seems optimistic about its prospects in India. The company’s venture capital arm has made investments in the local exchange CoinDCX, which is valued at approximately $2.45 billion. Coinbase also plans to expand its workforce in India, seeking to hire for various positions that will target both local and international markets.
In a bid to build trust with new users, O’Loghlen emphasized that Coinbase is focused on ensuring a secure and user-friendly experience. He stated, “We want to be known as the trusted exchange. Your funds are safe with us.” He noted that to reach a broader audience, it is essential to offer an intuitive interface that facilitates quick onboarding, similar to popular Indian applications like Zepto or Flipkart.
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