Coinbase has registered with the Financial Intelligence Unit (FIU) in India, allowing the crypto exchange to offer trading services in the country.
The company plans to launch retail services later this year, with further investment and additional products to follow.
India has emerged as a key hub for blockchain development, with its share of global onchain developers increasing from 3% in 2018 to 12% in 2023.
Coinbase sees this as a significant opportunity for expansion, emphasising that crypto is more than just financial infrastructure—it can help drive innovation and economic growth by enabling local entrepreneurs to build world-class products without leaving the country.
In addition to securing FIU registration, Coinbase’s Chief Legal Officer, Paul Grewal, has joined the board of the U.S.-India Business Council (USIBC), which plays a key role in strengthening commercial ties between the two nations.
The company intends to be an active participant in this dialogue as it deepens its presence in India.
“Weʼre committed to building in markets that believe in the potential of crypto and onchain innovation, India represents one of the most exciting market opportunities in the world today, and weʼre proud to deepen our investment here in full compliance with local regulations.ˮ
said John O’Loghlen, Regional Managing Director for APAC at Coinbase.
Coinbase initially entered India in April 2022, launching with support for the Unified Payments Interface (UPI).
However, just days later, it suspended services after the National Payments Corporation of India refused to recognise its operations.
Coinbase’s registration follows Binance’s successful return to India last year after registering with the FIU.
The agency had previously flagged Binance, Kraken, and other platforms for operating without authorisation.
Featured image credit: Edited from Freepik
