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Coinbase is making another attempt to enter India’s crypto market. The company has registered with the Financial Intelligence Unit (FIU), an essential step to comply with local regulations.
Coinbase’s Previous Struggles in India
India has strict rules for crypto exchanges, including high taxes and tough anti-money laundering laws. Coinbase first tried launching in India in 2022 but quickly stopped operations due to regulatory pressure. Now, it’s back with a new strategy.
Regulatory Compliance and Competition
To operate legally, all crypto firms in India must register with the FIU. Binance, KuCoin, and other exchanges faced restrictions for failing to do so. Coinbase, however, has now joined the list of compliant platforms, giving it an advantage in the market.
India’s Growing Crypto Adoption
Despite regulatory hurdles, India remains a major player in crypto adoption. The country has a massive number of crypto users, and trading volumes continue to grow. With FIU approval, Coinbase is positioning itself to tap into this expanding market.
What’s Next for Coinbase?
It’s unclear whether Coinbase will fully reopen trading services or take a different approach. However, its registration signals long-term interest in India’s crypto sector. The company will still need to navigate complex regulations, but this move is a step forward.
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