India’s Financial Intelligence Unit (FIU) has approved U.S.-based cryptocurrency exchange Coinbase Global to offer crypto trading services within the country, the company announced on Tuesday. Coinbase intends to introduce retail services later this year, followed by additional investments and products in the future. The move by Coinbase to enter the Indian market aligns with the increasing interest in cryptocurrencies among the country’s young population, with many seeking to supplement their incomes through trading and education at various academies. Other popular crypto exchanges in India include CoinDCX, Binance, and KuCoin.
John O’Loghlen, Coinbase’s regional managing director for Asia Pacific, expressed enthusiasm for the Indian market, highlighting the company’s commitment to complying with local regulations. India mandates that virtual digital asset service providers like crypto exchanges register with the FIU as reporting entities and adhere to anti-money laundering rules. Although India imposes a 30% tax on crypto trading gains, one of the highest globally, regulations specific to cryptocurrencies are still being developed, following global trends and recent policy changes in the U.S.
Indian authorities are reevaluating their approach to cryptocurrencies in response to evolving global regulations and recent U.S. policy adjustments.
